FX.co ★ Technical analysis of USDX for June 15, 2016

The US dollar index broke above 95 yesterday confirming the bullish trend. Early today we see a pullback that can be shallow at the level of 94.70 where the first short-term support is found.

The dollar index broke above the 4-hour Kumo resistance and now it is testing it. Support is at 94.70. Resistance is at 95.05. The trend remains bullish. The short-term trend will change to bearish, if the price breaks below 94.10.

The weekly chart remains bullish after the bullish hammer candle of last week. The price is testing the lower cloud boundary. Bulls will need to clear above the weekly Kumo in order to move towards 105.