FX.co ★ USDX technical analysis for August 12, 2015

The Dollar index is testing the important short-term support level of 97. The Dollar index has made a bearish reversal towards trend line support but bulls continue to hold the upper hands. As long as price is above 97, bulls should feel safer.

Red line - resistance

Green line - support

The Dollar index has pulled back towards 97 area as expected and tested the Ichimoku cloud and the green trend line. Trend remains bullish but with some reversal signs. Bulls will be in danger if we see a daily close below 97. The double top at 98.20 is not a good sign for the next couple of weeks.

Red line - resistance

Green line - support

The weekly chart continues to support the bearish scenario of a pullback at least towards 95 where the lower triangle boundary is found. It is important to watch closely in case the triangle is broken.