FX.co ★ #USDX Technical analysis for September 9, 2014

The Dollar index remains strong and in a bullish trend. Having broken strongly above the 84 level, we now reach important resistance area of 84.75-85 area that could put a pause to this strong rally. The probability of a pullback from the current levels cannot be ignored and bulls should be very cautious and raise their stops.

The trend remains strongly bullish. Support is at 83.75 and 84.10. Price continues to make higher highs and higher lows. In Ichimoku terms, the trend remains strongly bullish but could soon see a pause in the rise.

The weekly chart above shows that we are closing in at very important resistance levels. Surely, the current upward move is very strong and a break above 85 could signal a bigger upward trend reversal. I believe we are going to test the 84.75-85 levels soon. Taking profits and avoiding to be greedy is advised.