On the 4-hour chart, the USDX is moving in a downslope Pitchfork Channel and bellow the Moving Average. It means that the bias for the USDX is bearish. The USDX may break through the 92.17 level because the middle line of the Pitchfork Channel now is its prime target. Although we should take into account the oversold condition from the William %R. The US dollar continues to decline if the price does not rise and close at 93.33.
(Disclaimer)
The material has been provided by InstaForex Company - www.instaforex.com