FX.co ★ #USDX Technical analysis for July 31, 2014

The Dollar index continues its upward move as expected by our analysis. The Dollar is strong and we move closer to our target of 81.75. The trend remains up and any pullback should be bought. As shown in both charts below, the Dollar index remains inside the upward sloping trend channel.

The price is above the Ichimoku cloud. Short-term support is found at 81.35 while resistance is found at 81.55. We might see a pullback towards 81.20 but the trend remains up targeting 81.75. Long-term support is found at 80.60 and resistance at 82.60.

The daily chart remains bullish. The price is inside the upward sloping channel and above the Ichimoku cloud. My target is 81.75 with a good chance of moving towards 82. The trend remains upwards. The trend change will occur if we see a daily closure below 80.50. Until then, the trend remains up.