16.10.201709:10 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for October 16, 2017

Long-term review

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The Dollar index has not managed yet to make a correction up to the 38% Fibonacci retracement. Price is below the Kumo (cloud) implying weakness and inability to bounce harder.

The Dollar index is trading between the kijun- and the tenkan-sen. Price is below the Kumo (cloud) in the 4-hour chart. Trend is bearish and expect the downward move to resume once this corrective bounce is over. The Dollar index support is at 92.60 and resistance at 93.35.

Black lines - bearish channel

On a weekly basis, trend remains bearish. Support is at 92.60. A weekly close below 92.60 will open the way towards 90 or lower. Even a daily close below 92.60 would be an equally important bearish sign. I believe a medium-term top was made around 94 and we have started the final leg down.

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