The Dollar index remains in downtrend. The previous high at 79.70 has not even been challenged. Bulls to reverse trend will need to break at least above 80. Short-term support at 79.25 has given bulls a small upward bounce but it seems that it is weak. Bulls will need to show more strength and break above the Ichimoku cloud resistance at 79.90-80.05.
The Dollar index remains inside the downward sloping wedge and we remain bearish as long as price does not break above 80. We can see an upward bounce towards 79.80 where resistance is found. Short-term support is now found at 79.15.
The daily chart has nothing new to add to our analysis. Trend is down. Our view remains bearish with 79 as a short-term target and 74-75 as an intermediate-term target. Lower lows and lower highs confirm bearish trend. Bulls need to break on a daily level above the red downward sloping trend line resistance. This resistance is now at 80.
