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16.10.2017 09:10 AM
Ichimoku indicator analysis of USDX for October 16, 2017

The Dollar index has not managed yet to make a correction up to the 38% Fibonacci retracement. Price is below the Kumo (cloud) implying weakness and inability to bounce harder.

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The Dollar index is trading between the kijun- and the tenkan-sen. Price is below the Kumo (cloud) in the 4-hour chart. Trend is bearish and expect the downward move to resume once this corrective bounce is over. The Dollar index support is at 92.60 and resistance at 93.35.

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Black lines - bearish channel

On a weekly basis, trend remains bearish. Support is at 92.60. A weekly close below 92.60 will open the way towards 90 or lower. Even a daily close below 92.60 would be an equally important bearish sign. I believe a medium-term top was made around 94 and we have started the final leg down.

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