Ichimoku indicator analysis of USDX for November 7, 2017

The Dollar index has broken out of the bullish channel but price remains above the Ichimoku cloud and has not broken below any previous low or important support. Price is mainly moving sideways.


Blue lines - bullish channel

The Dollar index is above the 4-hour Kumo (cloud) support. Price has broken out of the bullish channel but no support level is broken. Trend remains bullish as long as price is above 94.10. Resistance is at 95.10. First support is at 94.40 and next and very important at 94.10.


On a weekly basis, the Dollar index remains below the kijun-sen and the 38% Fibonacci retracement resistance. A rejection at current levels could push price lower towards the tenkan-sen at first at the 93.30 level. The Dollar index is in a corrective bounce phase. Once this is done, I expect the downtrend to resume towards 88.The material has been provided by InstaForex Company - www.instaforex.com