The US Dollar Index has been steadily and persistently rising for over 6 months. The index has reached 92.53, a level that marked the highs of 2004 and 2005. With the index at this level, be alert for signs of resistance. At this time however, there has been no indication that the rally is losing steam.
If the index pulls back, the nearby levels of support are 89.71 and 87.80. Remaining above these levels keeps the upward bias in force and the uptrend that began in July of last year intact. The next target to the upside on a successful break and continuation higher is 99.57.
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