USDollar continues Uptrend, possible target ~12300+

After a long-term divergence sent prices into a major correction, this correction seems to over. A bottom was formed in May, July saw another bounce off of the 11650 level. After this failure to continue lower, prices rallied heavily to the upside and we now saw a successful upside breakout during the past couple of weeks. The very last trading week supported the breakout which can be seen by prices closing near the high of the week. A further continuation of the upwards movement is expected until we reach a new high at 12300.