The Dollar Stubbornly Refuses to Lose Support Levels

For all you forex traders out there, you know that the major fx pairs all trade against the dollar. As a result, keeping track of the dollar index (DXY) is of paramount concern. Here, we've seen that DXY has pulled back to about 100 after launching up to 104. But after trading in this narrow range for many weeks now, I believe that the Dollar is poised to go higher. Why do I think that? Well, it's simple. If the Dollar were going to keep going down, it needed to keep losing support, which it hasn't done. Therefore, I'm starting to think that the dominant trend - upwards - will continue.