FX.co ★ Technical analysis of #USDX for January 7, 2015

The Dollar index remains in a strong uptrend heading towards 92 where the short-term bullish flag target is found. All charts are fully bullish and as I mentioned in previous posts, traders should not go against this strong trend.

Price remains above the Tenkan-sen and Kijun-sen. The short-term bullish flag is still valid with a target above 92 and it looks like this target is going to be hit as well. The trend is clearly bullish in the 4 hour chart and bulls should not worry as long as price is above 90.

The weekly chart remains fully bullish in ichimoku terms. The tenkan-sen weekly support is found at 89.70 and as long as the index is above that level, the longer-term trend will remain bullish. There is no sign of any downward reversal and I prefer to raise my stops and I will definitely not go against this trend.