The U.S. dollar index is finding upside again after taking a 2½-month break from its big rally. And technical analyst Craig Johnson says he expects big gains for the greenback.
"Ultimately what I see happening with a little bit of weakness over the last several weeks here is really just a pullback in what we believe is a longer-term uptrend in the dollar," said Johnson, senior technical research analyst at Piper Jaffray and president of the Market Technicians Association.
Examining the chart of the PowerShares dollar index ETF (UUP), Johnson said "there's pretty good support at the rising 40-week moving average at about $24 and change." On Monday morning, it was at $25.61.