The Dollar index has not broken above 80.40 but has not broken support levels also. The sideways movement continues and so do we prefer bullish positions than bearish. Short-term support is found at 80.05. Short-term resistance is found at 80.35. If support fails, we should anticipate a move towards 79.70. If resistance breaks, we should expect a move towards 80.70.
The Dollar index although it is trading sideways, Ichimoku cloud remains below it and supports our bullish view. The index has a slight positive angle and this is another sign that supports our bullish view.
The daily chart shown above gives us two important clues. Trend is up as the Ichimoku averages are ready to make a bullish cross. The blue upward sloping trend line has been retaken and bulls now need to break above resistance at 80.70 to restart a rally towards 81.40-50. The 79.20 lows are very important. If the index clears above 80.50 then we could say that 79.45 will be our raised long-term stop.
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