23.06.201609:06 Forex Analysis & Reviews: Technical analysis of USDX for June 23, 2016

Long-term review

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The Dollar index is back at its support of 93.50 and 61.8% Fibonacci retracement. The trend remains bearish. A test of 92 seems unavoidable. The result of the UK referendum will also be an important catalyst for the future trend.

Red line - resistance

The Dollar index is trading below the resistance trend line and below the 4-hour Kumo (cloud). Support is at 61.8% and next at 78.6% at 92.80. The trend is bearish as long as the price is below 94.70.

Red line - trend line resistance

The weekly chart remains bearish as the price got rejected and has broken below the weekly Kumo, trading below the red trend line resistance. The UK referendum will be a catalyst for the future trend of the Dollar index, so we should be patient and wait for the dust to settle after the referendum for a clearer view.

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