The Dollar index remains near its highs. The upward sloping channel is being challenged. The short-term uptrend is in danger. Bulls should be very cautious as we see increasing chances of a pull back towards 80.50.
The short-term chart remains bullish as long as the price is above 81.35. Resistance at 81.70 is also important. If broken, the index will push higher towards 82. A short-term trend remains bullish.
The daily trend remains bullish as long as the price is inside the short-term upward sloping channel that is tested today at 81.55. If day closes below 81.50, this will be a bearish sign that more dollar weakness should be expected.
