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The Dollar index continues to be in an upward short-term trend. This bullish trend remains intact as long as prices trade above the upward sloping trend line support. The short-term support is found at 80.90. The short-term resistance is found at 81.20. Prices make a pattern of higher highs and higher lows. This is bullish.
This upward trend is expected to continue. Prices are now making a back test of the trend line support. The most important support level for bulls is 80.40. Breaking below that level will diminish the chances of success for our bullish view. Moreover, bulls will need to see the index break above 81.50 in order to confirm our target of 82.50.
Concluding, although the short-term trend is down, prices still find it hard to break above the important resistance area as noted with blue in the above chart. We expect this upward move to continue and eventually break the resistance level at 81.50. Stop for long positions is 80.40. Short positions should use 81.50 as stop. We favor the bullish potential with 83-84 as a target.
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