The Dollar index remains in a short-term uptrend. It is trying to break above short-term resistance at 98.50 by the Ichimoku cloud. The low of 96 are huge support for the short- and medium-term trends. As long as we trade above these levels, we should expect new highs.
The Dollar index is inside the Ichimoku cloud. The trend is neutral in the Ichimoku terms. The price is making higher highs and higher lows after the low of 96.15 was made. The index is trying to complete a full reversal in order to resume the longer-term bullish trend. Resistance is found at 98.50 and support at 97.
Orange lines= upward sloping channel
The Dollar index remains inside the upward sloping channel as shown in the weekly chart above. The Chikou span is turning into a positive slope although the kijun- and tenkan-sen are flat. The price held above the tenkan-sen during the previous week. This week's candle looks that the bullish trend will resume right away. As long as we trade above 97, the chances favor to bulls. The 61.8% retracement at 102 has yet to be reached.
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Uitgevoerd door, Analytische expert
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