05.02.201511:03 Forex Analysis & Reviews: #USDX technical analysis for February 5, 2015

Long-term review

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The Dollar index has made an upward bounce after making a new lower low, but the bounce has stopped at sthe hort-term important resistance trend line at 94.50. There are increased chances that the dollar weakness will continue and we will probably see a new lower low now that the resistance is confirmed and price was rejected.

Green line = resistance

The Dollar index, as shown on the 4 hour chart above, is making lower lows and lower highs. Price is below the trend line resistance and inside the Ichimoku cloud. None of these two characteristics is bullish. One is bearish and one is neutral. So bulls should be very cautious as this implies that we could be heading for another new low if support at 93.50 fails.

Blue lines = upward sloping channel

The Dollar index remains in a strong uptrend channel. The price is also above the Ichimoku cloud and below the tenkan-sen. This is a bearish signal that implies we could be heading towards the yellow kijun-sen at 92.60. The short-term trend is bearish and we could be heading towards the lower channel boundary to complete the downward correction.

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