06.11.201710:07 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for November 6, 2017

Long-term review

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The dollar index marginally broke below the bullish channel last week but price held above the 4 hour Ichimoku cloud support. The trend remains bullish targeting towards 95.50.

Blue lines - bullish channel

The dollar index is trading above the Kumo (cloud). The trend remains bullish. Support is at 94.75-94.50 and the next one is found at 94.10. As long as the price is above that levels, we should continue to expect the extension of this upward move towards 95.50-96.

On a weekly basis nothing has changed. Price is heading towards our 1st target of the 38% Fibonacci retracement where we also find the kijun-sen (yellow line indicator). Important weekly support is at 93.30 and bears must break that level in order to have a confirmation for the resumption of the bearish trend.

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