Ichimoku cloud indicator analysis of USDX for Janu… 26.01.2018

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The Dollar index has reached our 88.50 target and bounced strongly towards 89.50 yesterday. However, the resistance is very strong there and we have rejection signs. Trend remains bearish as long as price is below yesterday’s lows.

Exchange Rates 26.01.2018 analysis
The Dollar index remains below the 4 hour Kumo (cloud). Trend is bearish. Price is testing the 4 hour Kijun-sen (yellow line indicator) which is now support. A higher low and a move above yesgterday’s high would be a very bullish sign and a reversal confirmation. But first bulls need to break above 89.30 which is the lower boundary of the Kumo (cloud).
Exchange Rates 26.01.2018 analysis
Black line -long-term support

On a weekly basis, the Dollar index has reached the 61.8% Fibonacci retracement of the rise from 2013. Trend is clearly bearish. Important support is at 87 where the black upward sloping trend line is found. I expect the Dollar index to reverse towards 92-9, as I believe that the decline from 103 is near its end.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2018

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