04.09.201410:56 Forex Analysis & Reviews: #USDX Technical analysis for September 4, 2014

Long-term review

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The Dollar index remains inside the upward sloping channel. Trend remains bullish as price is making higher highs and higher lows. More upside is expected for the Dollar. However, with Mario Draghi's speech today, traders should be very cautious as volatility is likely to rise.

Support at 82.80 should hold for another upward move towards 83.05 and 83.15. Price is inside the upward sloping channel. Price is above the Ichimoku cloud. All signs are positive for the future price movement. Bulls have the upper hand and remain in control. If the channel is broken, the Ichimoku cloud is expected at 82.35-82.55 to provide support.

The daily chart remains bullish. The upward sloping channel remains valid but price is close to the upper channel boundaries. Daily support is at 82.35. Breaking below that level could start a deeper correction towards 81. Currently, the trend remains fully bullish targeting at 84.

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