Ichimoku indicator analysis of USDX for December 4, 2017

The Dollar index held above its recent lows and made a higher low on Friday. Although last week's close was not perfect for bulls, it was not bad either. We start the week with Dollar strength and for bulls to continue to have control, price must break above 93.30 resistance.

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Black lines - bearish channel

The Dollar index is trying to break above the Ichimoku cloud. Price is already above the bearish channel and has already made a higher low last week. Bulls need to step in now and push price above the 93.30 resistance by the Ichimoku cloud. Breaking above the resistance will increase the chances of a push towards 95-96.

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On a weekly basis, the Dollar index is showing reversal signs off the 61.8% Fibonacci retracement. Our primary scenario for some time now has been to reach 92.50 and reverse higher for a move towards the weekly Kumo resistance at 96-97. So we remain bullish. Important support is last week's lows. Bulls do not want to see that low broken.The material has been provided by InstaForex Company - www.instaforex.com