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Ichimoku cloud indicator analysis of USDX for January 31, 2018

The Dollar index remains in a bearish trend. Price got rejected at 89.60. Price is mainly moving sideways between 89.60 and 88.50. The Dollar index will most probably make a new lower low towards 88-87.50, but I believe this low should be faded. The FOMC tonight could give the Dollar index the final push lower.


Red lines - bearish channel

Black rectangle - resistance

The Dollar index remains in a clear bearish trend. Price is below both the tenkan- and kijun-sen indicators inside the bearish channel. Resistance is at 89.60 and support at 88.50. Bulls need to break above 89.60-89.75 in order to hope for a bigger bounce. Bears are still in control looking for a final low near 87.50-88.30.


Red lines - bearish channel

Blue line -long-term resistance

On a daily basis the Dollar index remains firmly in a bearish trend. Even a bounce towards 93 would not change the Daily trend. First resistance level is at 89.60. A daily close above it will push price towards 91. Break above 91 and we should see price test the Daily Kumo (cloud). I'm waiting for trend reversal soon. Downside is limited.

The material has been provided by InstaForex Company -