The Dollar index has held support at 80.15 and has broken above short-term resistance at 80.25. It is near our short-term target of 80.60-80.70. The trend remains bullish both at intraday and daily levels.The Ichimoku cloud provides support for the bullish trend as the price is making higher highs and higher lows.
The recent upward move from 80 is the same as the first upward move from 79.75. The price has made a new high so far, but it has reached the equality target. If the price is not extending the upward move, then we should see a pullback towards the support area shown in the chart. The Ichimoku cloud below the price tells me that the short-term trend is supported. 80.45 is short-term support. If broken, we should expect a pullback towards 80.30 at least and possibly next to 80.20.
The daily chart shows my bullish pattern unfolding towards my target of 81.75. The price is above the Ichimoku cloud and this gives bulls some hope. If the Dollar index manages to break above the previous high at 81, then I will be very sure to expect 81.75 and probably higher. In general, I'm Dollar bullish.
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