The Dollar index did not manage to break above the resistance yesterday, but is still consolidating above the short-term suppot at 91.80. The longer-term trend remains bullish although we could see a deeper short-term pullback towards 91 before resuming higher towards 94-95.
Red line = resistance
Blue line = support
The Dollar index remains above the trend line support but below the short-term resistance trend line. The Dollar index is also above the Ichimoku cloud. The recent consolidation, I believe, is just another pause before the resumption of the uptrend. In case the Dollar index breaks below the 91.70 support, I expect the pullback to push price towards the cloud support area of 91.10-91.40.
The monthly chart above shows that January is another strong bullish month. The clear breakout above the 38% retracement gives me 95 as target where the 50% retracement is found. Trend remains strongly bullish and there is no sign of a reversal. Any pullback towards 90 should be seen as a back test and another opportunity to go long with this index.
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