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Ichimoku indicator analysis of USDX for December 8, 2017

The Dollar index continues higher as expected but we could see a pull back towards 93 today or Monday. Trend remains short-term bullish. We could see a short-term pullback for a higher low before the continuation of the bigger bounce higher towards 96.

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Black lines - bullish channel

The Dollar index is testing upper channel boundary resistance. Trend is bullish. We could see a pullback towards cloud support at 93.40-93 but overall I believe we have started our next leg up towards 96. Important support is at 93 by the Ichimoku cloud. Bulls do not want to see this level broken downwards.

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The weekly candle remains bullish as price is at its weekly highs. Price has started the reversal from last week off the 61.8% Fibonacci retracement as expected. The Dollar index is approaching important weekly resistance at 93.85-94.40. A break higher will confirm our view for a move towards 96. However I do not believe the move will reach the target straight away.The material has been provided by InstaForex Company - www.instaforex.com