FX.co ★ #USDX Technical analysis for December 24, 2014

The Dollar index remains very strong and in a clear uptrend. The bullish flag target of 91 will soon be achieved. The Dollar index continues to make higher highs and higher lows. Bulls continue to have the upper hand.

Green line = short-term support

The Dollar index is in a fully bullish trend according to the Ichimoku indicators. Price is above the cloud and is making higher highs and higher lows. The short-term support at 88.60 is critical short-term support. My next target remains at 91.

The weekly chart again remains bullish and confirms the strong up trend. The bullish flag target remains at 91. Weekly support is found at 87.65. Weekly resistance is found at 91. Breaking below 87.65 could signal the start of a new downward move that could bring the index towards 84-83. However, I do not believe in this scenario. I believe that the Dollar index can continue even higher than the target of 91.