11.10.201608:58 Forex Analysis & Reviews: Technical analysis of USDX for October 11, 2016

Long-term review

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The Dollar index continues to trade inside the upward sloping channel. Price held support yesterday and bounced towards recent highs above 97. If this week we see a close above 97, this will be a bullish confirmation breakout above cloud resistance.

Dark blue lines - bullish channel

Price remains in a bullish trend in the short-term as price holds inside the bullish channel and above the Ichimoku cloud on the 4-hour chart. Short-term support is at 96.40-96.60. Resistance is at 97.25-97.50. Long-term support is at 95.

Red line - resistance

Green line - support

The Dollar index is breaking above weekly cloud and trend line resistance. It is of great importance for price to remain above the cloud, otherwise a fake breakout will be a very bearish signal. The upward sloping green trend line remains the most important technical support indicator for the trend. As long as price is above it bulls remain in control.

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