The Dollar index continues to trade sideways between 80 and 80.40. If support at 80 fails, then we should expect a downward push in the index to bring it near 79.70-79.80. If however the index breaks above 80.40, we should expect a move towards 80.70 at first.
Short-term trend is neutral. The index has no clear direction but a small downward bias after being rejected at 80.40. Support at 80-79.85 is strong from the Ichimoku cloud and the 38% Fibonacci retracement. Longer-term picture remains bullish as long as price stays above 79.20.
The sideways consolidation as shown in the daily chart above and the rejection at the 80.40 previous high makes be believe that there are increased chances of a downward move towards 79.80 or even 79.70. Long-term resistance at 80.40 is important and if broken could open the way for a new upward move towards 81.40.
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