US DOLLAR INDEX - (.DX_H7) Failed to End the Day Below Uptrend Line - 03/15/2017 (GMT)

The U.S. dollar index (.DX_H7) has been choppy and fairly directionless as it remains above the ascending trend line in the short-term timeframe. The index penetrated the diagonal line to the downside during yesterday’s session but it failed to end the day below it. The 101.00 acted as a strong support barrier as after the rebound on it, it drove the price further up. Currently, the dollar index is trading slightly higher but with some weak momentum and the next initial target, if we see an aggressive run to the upside, would be the 102.25 resistance level. On the latter level created a double top formation on the previous sessions as the price exposed the to the downside after it met again 102.25.

From the technical point of view, the RSI indicator is rising and is pointing to the upside approaching the 50 level after it bounced off the 30 level. The stochastic oscillator is moving higher towards the overbought area.