The Dollar index has made a pull back yesterday as expected to back test the break out area and is now heading higher towards our target of 84.75 and 85. Trend remains bullish and price remains above short-term support.
The Dollar index has reached the Ichimoku cloud support at 84.25 as expected by our analysis posted yesterday. A bounce from that level has started and I expect to see new highs above 84.80 soon. The trend remains bullish as long as price is above 83.85.
Red line= resistance
The Dollar index in the daily chart above remains in the fully bullish trend and although initially rejected at the resistance level, I expect this to be broken today. Support is at 83.85 and if broken on a daily close basis, we can see a pull back towards 83.15 at least.
