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#USDX Technical analysis for September 24, 2014

The Dollar index remains near its highs consolidating. The short-term trend remains neutral. Price is still below important resistance at 85. In case a confirmed break occurs above, it will be a very bullish sign. A rejection at the current levels could bring the index towards 82-81.


usdx.jpg

Red line = resistance


The short-term trend remains neutral. Price is mainly moving sideways hitting the resistance level from below but still getting rejected. Resistance is at 84.80-85 area. Breaking above this area will open the way for a sharp rise towards 86. I prefer to stay neutral and wait for a confirmed signal. Breaking below the Ichimoku cloud at 84.30 will not be a good sign for bulls.


usdxd.jpg

Red line = resistance


In the daily chart above, we see the longer-term trend remains bullish but the sideways action below the strong resistance at 84.80-85 is making us sceptical if bulls have the power to make a break out now. Important daily support is found at 84.20 and if broken this could signal a start of a deeper decline towards 82 or even 81. Bulls should be very cautious now. Very bullish signal if we break and close above 84.80.


The material has been provided by InstaForex Company - www.instaforex.com