FX.co ★ #USDX technical analysis for April 17, 2015

The Dollar index continued to show signs of weakness. The price is pulling back down towards last weeks lows at 96.20. Support is being tested now at 97.05 and we should see an upward reversal or a deep correction soon.

The Dollar index has reached the 61.8% and 78.6% retracement levels and has also broken below the cloud support. Bears are are in control of the index right now unless it breaks above 99. Short-term support is at 97 and at 96.

Orange lines - bullish channel

The Dollar index remains inside the bullish channel. Tomorrow is options expiry and we may see a trend reversal in the Dollar index. As long as price is inside the channel and above 96 I will remain bullish targeting 101-102 in the short and medium terms.