Ichimoku indicator analysis of USDX for August 30, 2017

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.

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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.

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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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