The Dollar index continues to trade sideways. The trend is neutral for the short term while the longer-term trend remains fully bullish targeting 84.75-85. The short-term chart below shows clearly the sideways action and we can say that the Dollar index is forming a bullish flag.
Blue line= support
Red line = resistance
Short-term resistance is at 84.40. Support is at 84.10. The ichimoku cloud support is also very close by at 84. My bullish target if resistance is broken is a new high near 84.75. The Ichimoku cloud indicators point higher.
Red line = resistance
The daily chart continues to remain fully bullish with important resistance at 84.75. All indicators remain bullish. Price is stalling and making a sideways move. I believe this is just a pause to the larger up trend and we will soon see a break out towards 84.75 and 85. Support at 83.75 is important to hold for the daily trend to remain bullish.
The material has been provided by InstaForex Company - www.instaforex.com
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