FX.co ★ #USDX technical analysis for April 20, 2015

The Dollar index is in a bearish short-term trend since April 13. But, it is still above a low set on April 6. The longer-term trend remains bullish as long as the price is above 96.20. The short-term price action remains bearish as the price continues to trade inside the short-term downward sloping channel as shown below.

Orange lines= bearish channel

The Dollar index is below the Ichimoku cloud resistance in the 4-hour chart. The price is inside the orange bearish channel. Resistance is found at 97.70 and at 98.20. Support is at 96.95 and the next one is at 96.20.

Red lines= support

Green line = resistance

The green trend-line resistance was broken and is being back tested now. The price is below the Ichimoku cloud and as long as we hold above the recent low from the beginning of April at 96.40, bulls will have more chances of success. Broken important resistance at 99.15 is likely to give me a signal that we should expect new highs.