Ichimoku indicator analysis of USDX for December 1, 2017

The Dollar index got rejected yesterday at the upper channel boundary and cloud resistance. Trend remains bearish but we are still above November lows. If the index breaks above this week's high, short-term trend will change to bullish.

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Black lines - bearish channel

The Dollar index got rejected at the first important resistance by the bearish channel and the Ichimoku cloud. Trend remains bearish. The rejection is a sign of weakness and does not favor my bullish scenario. Support is at the 78.6% Fibonacci retracement and yesterday's lows. Resistance is at 93.15 and next at 93.40.

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On a weekly basis, price has stopped the decline at the 61.8% Fibonacci retracement. However for this weekly candle to give promises of a bullish continuation, we should see a close for this week near this week's highs. A new lower low on the weekly candle and a close near the lows will be a bearish sign that would imply the index should continue to new lows next week.The material has been provided by InstaForex Company - www.instaforex.com