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30.01.201511:33 Forex Analysis & Reviews: #USDX technical analysis for January 30, 2015

Long-term review

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The Dollar index remains in a strong uptrend. Breakig above the recent high at 95.50 will be a signal to move higher towards 100. The short-term trend is bullish as long as the price is above 92.50. The daily chart below shows how the price remains above the tenkan-sen support and, I believe that the current sideways action is just a pause to the bigger uptrend.

Support is at 93.70 while resistance is found at 95 and 95.50. Breaking above 95 will be a short-term buy signal that will most probably push the index towards its highs and test them. If the highs are broken, I expect the index to continue higher towards 100.

On a monthly basis we touched the 50% retracement and stopped the sharp rise. Trend is clearly bullish and, as I have said many times before, I believe. traders should not bet against the Dollar. The Dollar is strong and is rising sweeping all sellers. Next target is 100.

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