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24.07.201411:07 Forex Analysis & Reviews: #USDX Technical analysis for July 24, 2014

Long-term review

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The Dollar index is very close to the previous high of 81. It seems that selling pressures rise as the price is getting closer to that area. A pull back has started early today but I believe this is just a pause to the larger uptrend that has started from 79.75.

The Dollar index has broken the short-term upward sloping trend line and might pull back towards 80.70-80.50 (max) area. The price is in uptrend above the Ichimoku cloud. I believe this uptrend will continue and resistance at 81 will be broken eventually. The larger pattern remains bullish with 81.75 medium-term target.

The daily chart shows clearly how the price was rejected to the resistance area. However, I believe this pause before the rise is only temporary. This uptrend will resume again after a small correction. The daily trend is up and we target at 81.75.

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