The US dollar index spiked in the early European session, while ECB president Mario Draghi was giving a speech. However, shortly after it reversed confirming the fake breakout. Prices turned lower towards the support levels of the bullish channel, which remains intact in the medium-term.
Blue lines - bullish channel
The US dollar index has pulled back towards the lower channel boundary. Support is found at 98.40. If that level breaks, we should expect the price to move towards the short-term Ichimoku cloud support at 98. Resistance is seen at yesterday's highs. Breaking above it will imply the downward correction is over and new highs towards 100 should be expected.