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09.02.201609:58 Forex Analysis & Reviews: USDX technical analysis for February 9, 2016

Long-term review

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The Dollar index has bounced towards the 38% Fibonacci retracement but hasn't reached it. The price remains above weekly support.

The price has moved back towards its recent lows after being rejected by the Kijun-Sen (yellow line indicator). There are many chances of seeing a bounce towards the Ichimoku cloud and the 61.8% Fibonacci retracement as long as the price is above 96.30.

Weekly cloud and Kijun-Sen support are held and the price remains above both indicators. If this support fails, we should expect heavy selling to push the index lower towards 95 or even 94. Medium-term trend remains neutral as long as we are above the cloud.

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