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Ichimoku indicator analysis of USDX for February 24, 2016

The Dollar index remains inside the bullish channel and has reached the 50% retracement thus far. Next important resistance is the 61.8% Fibonacci retracement. There are increasing chances of a bearish reversal but if we close this week above 98, then bulls will be back in control of the trend with stronger chances of making new highs towards 102-103.

analytics56cd60d6196ac.jpg

Blue lines - bullish channel

Price is in a short-term bullish trend as long as we are above 97.10. Price has broken above the Ichimoku cloud and is testing the 50% retracement. Next resistance at 98. Bulls should be very cautious as this up trend can terminate any time now. On the other hand, bears should not try to front run the market as the weekly chart below suggests that there are equal chances of a new up trend starting.

analytics56cd62ae1ff54.jpg

The weekly chart shows us several bullish signs for a long-term up trend that could be at the early stages now. Price bounces off the weekly Kumo (cloud). Price is still below the tenkan-sen resistance (red line indicator) but with stochastic oscillator turning upwards from the oversold area, there are a lot of chances we are at the start of a new up trend.The material has been provided by InstaForex Company - www.instaforex.com