An exchange traded fund tracking the U.S. dollar is up sharply the past two days after bouncing at the 200-day simple moving average, which has provided support in recent months.

PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) is up more than 1% the last two days after hitting support around $21.80 a share, noted Wednesday.

The ETF follows an index measuring the dollar’s strength against a basket of currencies.

“Notice that UUP formed a higher low above the late October low and this surge could signal a continuation of the November-December advance,” said StockCharts senior technical analyst Arthur Hill.