The US Dollar Index remains in a bullish trend although today we see some short-term reversal signals. We might see a short-term pullback, but the overall trend remains bullish with new highs as targets.
Red line – possible price path
The US Dollar Index is moving towards higher highs and higher lows. The price is above the Ichimoku cloud. There are some signs of possible reversal and a pullback towards the previous resistance area around 97.30 could be justified as a back-test. Bulls remain in control of the trend.
Blue line – resistance
The weekly chart remains bullish as the price remains above the kijun- and tenkan-sen and has briefly broken above the blue horizontal trend-line resistance. The weekly chart remains bullish in the longer-term. As long as the price is above 95.50-95 area, the trend will favor bulls with targets above 100. The kijun- and tenkan-sen indicators are now with a positive slope again and this is a bullish sign as well.
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