Ichimoku indicator analysis of USDX for August 21, 2017

The dollar index continues to trade mostly sideways. The short-term support is held so we could not rule out another move towards 94-94.30. As long as the price holds above 93.30, trend is bullish.

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Red lines - bullish channel

The dollar index is trading above the 4 hour Kumo (cloud) and inside the bullish channel. The up trend is fragile. Support at 93.30 should not be broken. If this happens, then we expect the price to move towards 91. Resistance is at 94.25-94.50.

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Red lines - bullish channel

On a daily basis, the price is trying to overcome the tenkan-sen (red line indicator). The fact that we got rejected last week by the kijun-sen (yellow line indicator) is a bearish sign. Daily trend remains bearish. However this does not rule out a bounce towards 94.50. Critical short-term support is at 93.30. If broken, we go to 91-90.

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