USDOLLAR Trades At Potential Tipping Point

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The left charts show's FXCM's dollar index, the USDOLLAR, trading at its black 20-day SMA. The daily RSI is pushing above 50 (blue rectangle), which is suggestive that an underlying bullish momentum is developing. However, it will need to trader higher to cement this view - at current levels the buyers and sellers are in agreement. This is clearer on the right chart, which shows the hourly time frame. Here, we see that the USDOLLAR is trading in a sideways congestion pattern (red rectangle). In order for the index to break up and out, the hourly RSI will need to trade on the bullish side of 50 (green rectangle).