Dollar index is currently contained in the uptrend channel since May 2011 low. After a first round of charge from June 2014, price only retrace 23.6% and found support at 84.71 (look to the left) this is an indicator of strong momentum.
Price will proceed to challenge 88.58 which is the 1.236 Fib level and if rejected, i foresee that price may come back to 86.72-87 for support. If this level of support is strong price will definitely challenge the uptrend channel top resistance.
From my anticipation, the most important life-time resistance is the red region connected from 1985 top. It will leave the breakout part for the time being.
I am more eager to find out HOW SOON price could reach blue resistance if not the red resistance. Depending on the speed, angle steepness of the price, the long term resistance(to be tested at least twice) would be 92 - 93 assuming price can break out from the uptrend channel resistance.
By then i will close in on another update.
Price will proceed to challenge 88.58 which is the 1.236 Fib level and if rejected, i foresee that price may come back to 86.72-87 for support. If this level of support is strong price will definitely challenge the uptrend channel top resistance.
From my anticipation, the most important life-time resistance is the red region connected from 1985 top. It will leave the breakout part for the time being.
I am more eager to find out HOW SOON price could reach blue resistance if not the red resistance. Depending on the speed, angle steepness of the price, the long term resistance(to be tested at least twice) would be 92 - 93 assuming price can break out from the uptrend channel resistance.
By then i will close in on another update.
