For Traders

Analytical Reviews

Ichimoku Indicator

01.11.201709:57 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for November 1, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The Dollar index remains in a short-term bullish trend. The price is making higher highs and higher lows and remains inside the bullish short-term channel. The upside target remains at 95.50 as long as we trade above 93.50-94.

Blue lines - bullish channel

The 4-hour chart shows price above the important indicator kijun-sen (yellow line) and of course above the cloud. The trend is bullish. Support is at 94.40 and next at 94. We could test lower but for a move towards 95.50 to continue, support at 94 must not fail to hold.

On a weekly basis, the trend remains bearish. We consider this bounce only as a corrective pull back upwards before the resumption of the bigger downward trend. The 38% Fibonacci retracement has not been reached yet. I believe we can test that level but in general, I remain longer-term bearish looking for a decline towards 88.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.