FX.co ★ #USDX technical analysis for February 17, 2015

The dollar index continues to trade inside the trading range that I mentioned in my last analysis. There is nothing new to add. Traders should remain neutral and wait for a signal from the market before opening a new position.

Green line = resistance

Blue line = support

The Dollar index continues to trade within the trading range that I mentioned yesterday. The trend remains sideways and neutral for the short-term. Short-term traders should be patient and wait for a break above or below the trading range before opening a position.

On the daily chart, as shown above, the price is forming a triangle consolidation. The price is above the kijun-sen (yellow) support and above the tenkan-sen (red line). The price is also above the Ichimoku cloud and this confirms that the longer-term trend remains bullish. A break above 95 will be a buy signal with our next target being close to 100.