The Dollar index has held its short-term support after the recent pullback and is now strong again to resume the uptrend. The short-term support was tested, and a new upward move has started that could even push the index towards 100.
The Dollar index has managed to hold support by the kijun-sen (yellow line) and the 38% Fibonacci retracement. The price is above the cloud support. The short-term support is now at 93.75. If it is broken, we should expect a move towards 93.50 cloud support or even 93.15 where the 61.8% retracement is found. Resistance is at 95 and at 95.50.
On the daily chart the Dollar index still manages to hold above the tenkan-sen (purple line) support. If it is broken, we should expect a move towards the kijun-sen (yellow line) towards 93. Trend remains bullish for the medium and long-term. Breaking above 95.50 will increase the chances of a new upward move towards 100.
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Performed by Alexandros Yfantis, Analytical expert InstaForex Group © 2007-2015 |
#USDX technical analysis for January 29, 2015
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