FX.co ★ #USDX Technical analysis for November 28, 2014

The Dollar index has held support and is breaking above the sideways channel once again. Is this time for real or is this the last chance for bears to reverse the market? I remain bullish targeting 91. The weekly chart is getting better and better and with EUR/USD and GBP/USD weakness I believe we can see a nice long tail in the weekly chart that confirms the strength of Dollar bulls.

The bullish flag within the bullish flag pattern remains intact and I remain bullish targeting at least 91. The trend remains bullish and the weekly candle means that the red body makes a push higher and a long tail implies how bullish the next week can be. Support is held for now and if resistance at 88.35-88.50 is broken we should expect an explosive rise towards 90-91 which is the target of the bllish flag patterns.

In the shorter-term, on the 4-hour chart we observe how price has held above the thin ichimoku cloud and how bulls are trying once again to break above the trading range. Resistance is at 88.45 and support is at 87.80. Bulls continue to have the upper hand and I remain bullish and positive as long as we hold above 87.50.