FX.co ★ Technical analysis of USDX for June 28, 2016

The Dollar index remains below its recent high at 96.70 and has formed a double top yesterday. The price is pulling back, but the overall trend remains bullish as this pullback is considered corrective in nature. The weekly breakout implies that more upside should be expected for the Dollar.

The price action in the Dollar index shows that the market is digesting the big upward spike that followed the UK referendum. A new higher high is very probable despite the short-term pullback that we can see. Short-term support is at 95.65 and 94.90. Resistance is the recent high at 96.70.

This week's candle remains above the weekly kijun-sen (yellow line indicator) and inside the Kumo. This is a bullish sign that keeps the hopes of bulls for new highs alive. Weekly support is at 95.90, and a weekly close below it will open the way for a push towards 94.90 at least.