FX.co ★ #USDX Technical analysis for July 29, 2014

The Dollar index has stalled its sharp rise and has stopped exactly at its previous highs area. Resistance is strong in this area and a pull back could be justified. Our intermediate-term target remains at 81.75. The trend remains up and the price remains inside an upward sloping channel.

The price is above the Ichimoku cloud and is making higher highs and higher lows. Short-term support and first sell signal will come if the price breaks below 80.97. Support will be found then between 80.90-80.85. Breaking above 81.10 will push the index higher towards 81.30.

The daily chart continues to support bulls. The price is above the Ichimoku cloud and the trend remains up with higher highs and higher lows. The daily trend changes to bearish only if the price breaks below 80.40. Our intermediate-term target is 81.75 equal to the rise from 78.95-81.