The Dollar index has not made much progress neither to the downside nor the upside yesterday. Short- and long-term trend remain downward. Short-term resistance is found at 79.60-85 and short-term support is found at 79.30.
For a larger degree trend reversal, the Dollar index will need to break above the Ichimoku cloud and the downward sloping wedge. This means that it will need to break above 80. In the short-term, the index seems supported above 79.20. This could mean that a reversal is being prepared. Stop for bulls that want to pick a bottom, is the 79.20 level.
The daily chart has nothing new to add to our analysis. Long-term traders would use the 80 level as stop reverse since trend remains down. Breaking above this level could bring price towards 80.50. Support is found at 79.
