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01.10.201510:08 Forex Analysis & Reviews: USDX technical analysis for October 1, 2015

Long-term review

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The US dollar index continues to trade below the important resistance of 96.60, but above the Ichimoku cloud in both the 4-hour and weekly charts. The price is getting closer to the important resistance of a bullish flag in the weekly chart. Soon, we will have a breakout or a rejection.

Red lines - triangle pattern

The US dollar index is testing the upper triangle boundary once again. The price is testing the level of 96.60, and a daily close above this level will open the way to much higher levels around 98 and ,why not, new yearly highs. Short-term support is found at 96.20 and then at 95.80. Resistance is seen at 96.60.

Red line - resistance

Green line - support

The weekly chart remains unchanged. The price is still inside the bullish flag pattern and above the weekly cloud support. Bulls will need to show strength soon. A rejection at the red trend-line resistance will be a very bearish sign that could bring the index price back inside the cloud and towards the green support trend line.

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