The Dollar index has most probably made a short-term top and is pulling back downwards. This downward correction is most probably a move that should be met with buying pressures near 81 to test back the previous break out of the area.
The Dollar index is inside the upward sloping trend channel. I expect the pull back to reach maximum the 38% retracement near 81 and touch the Ichimoku cloud in the 4 hour chart. I believe this is just a pull back and that the highs are not in yet. The 81.56 high is only a short-term high as I expect the Dollar index to break above this level in the near future. I expect the Dollar index to find support at 81. This back test of the break out area is important, so that bulls will get re-energised.
The daily chart shows how price is still inside the upward sloping channel. Daily support is found at 81.15 and at the previous high at 81. I do not expect the Dollar index to break below 81. I expect the Dollar index to back test the break out level in order to confirm the break out and resume its upward trend.
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