USDX technical analysis for March 24, 2016

The Dollar index continued its upward movement towards 96.30 yesterday. The upside target is now at 96.50 where I expect price to make a downward reversal for a pull back at least towards 95.50.

Red lines - upward sloping channel

Price is trending higher inside the bullish red channel and above the Ichimoku cloud. I expect one more final push higher towards 96.50 before reversing lower. Support is at 96.10. If price broke the support level, the pull back will have started.

Blue lines - trading range

In the daily chart above, we see that price is still inside the trading range it has been in for at least a year now. In the shorter-term prospective price remains below the Kumo (cloud) while it is making lower lows and lower highs since the past November. Stochastic is turning upwards from oversold levels so we could see some more upside over the coming days.