FX.co ★ Technical analysis of USDX for May 31, 2016

The Dollar index remains in a bullish short-term trend as long as price is above 95.40. I expect a pullback towards 94.50 at least over the coming weeks.

Blue lines -bullish channel

Price is trading inside the bullish channel and above the Kumo (cloud). The trend is bullish. Short-term support is at 95.40 and at 95. Resistance is at the recent high of 95.96. Bulls should be cautious and raise stops to protect their longs.

The weekly candle has reached the weekly kijun-sen (yellow line indicator) which is important Ichimoku resistance. Price remains inside the cloud, which is a long-term neutral, but a rejection at the kijun-sen will be a short-term bearish reversal signal.