FX.co ★ #USDX Analysis for September 24, 2013

Nothing new regarding the Dollar Index. The prices continue to trade around the 80.50 price level. It continues to trade within the downward sloping channel testing the upper boundaries of the channel. Soon we should expect the prices to trend towards either direction. If resistance at 80.65 is broken, then in the short term will change to up with first target 81.10. If however the prices continue to trade below 80.65, we should anticipate the trend to resume downwards as the longer term is still down. Target if trend resumes downwards is 80.

Nothing has changed in the daily level. Trend remains down and we expect prices to continue their downward move once this sideways action is over. We cannot rule out a visit towards 81 if prices break above 80.65.

Concluding we remain bearish biased as long as prices trade below 80.65. Nothing new from yesterday's session. We still wait for a breakout.