Ichimoku indicator analysis of USDX for October 25, 2017

The Dollar index is back near its highs just below 94 but with RSI diverging, I believe we will not break convincingly above 94. I expect at least a short-term pull back towards 93.50 at least. The trend remains bullish.


Red trend line -support

The Dollar index is making higher highs and higher lows. Short-term trend is bullish as the price is above the Kumo (cloud) in the 4-hour chart. Support is at 93.55 and next at 93.40. Resistance is at 94.


On a weekly basis, the trend is bearish. Price is making a bigger than usual bounce and has broken above the tenkan-sen (red line indicator). As long as the price is above 92.60 we could see a move towards 95.40 where the kijun-sen is found. Breaking below 92.60 will open the way for a push to new lows below 91 or even 90.The material has been provided by InstaForex Company - www.instaforex.com