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11.03.2015 11:01 AM
#USDX technical analysis for March 11, 2015

The Dollar index remains in a strong uptrend and has reached our short-term targets very easily. The Dollar index might make a short-term pullback soon but it is very difficult to say yet as this bullish trend is extremely strong.

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Orange lines = bullish price channel

The Dollar index remains inside the upward sloping price channel but has reached the upper channel boundaries. This is a resistance area and we could see a throwoff above it to complete the upward wave from 94.10. We could see a pullback towards the 38% retracement towards 97.25 before we resume the bullish trend towards 100-101.

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My longer-term target remains at 100-101 as I have been saying for some time recently. The 61.8% retracement is my target and I believe the bullish trend will very soon reach this level. Support on the monthly chart is at 94.50.

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