USDOLLAR Challenges Overhead Resistance on H1

The left chart shows the daily time frame of FXCM's dollar index, USDOLLAR. The black 50-day SMA continues to hold as support and move upwards. However, the daily RSI is still to move above 50, which would be indicative of an underlying bullish momentum. The right chart shows the hourly time frame. Here, the EMAs are bullish (green ellipse) and the hourly RSI is on the bullish side of 50 (light green rectangle). The index is challenging overhead resistance around the 12,554 level (light red horizontal). A break above will be bullish for the greenback.