The Dollar index was expected yesterday to reverse lower from the 78.6% retracement at 80.85. This is what happened but the decline did not push price much lower. The Dollar index has found short-term support at the top of the Ichimoku cloud at 80.70.
The Dollar index has made a small pull back and it is now heading again towards the 80.85 resistance. If the 80.90 level is broken upwards, I expect a new high towards 81.10-.20 to be made. If price falls below the 80.65 support, I expect the Dollar index price to move below the short-term Ichimoku cloud towards the 80.25 level.
The Dollar index is at a strong resistance level. Bulls have more to lose at this level than bears. I'm bearish as long as price is below 80.90-81. My target of the pull back is at 80. I expect the daily pattern to reach the Ichimoku top level support at 80.
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