30.08.201709:10 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for August 30, 2017

Long-term review

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The Dollar index is bouncing but the trend remains bearish. We were expecting the price to reach 91.60 and it has made a low at 91.62 where it started a strong bounce above 92.

The price is testing the kijun-sen resistance on the 4-hour chart. A rejection here will open the way for a move to new lows towards 90.50. Maximum short-term bounce target is at 93.40. I do not expect the Dollar index to move past that level now. I believe it is more probable to make a reversal from 92.50.

Red lines - bearish channel

On a daily basis, the trend remains bearish. Resistance is at 92.70-93. Breaking above that level could push the index towards 94.50. The index justifies such a bounce or even a bigger one. However, I would prefer to remain neutral and look for levels to sell.

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