Ichimoku indicator analysis of USDX for September 4, 2017

The Dollar index had a volatile Friday after the NFP announcement. Initial heavy selling pressures were faded and price bounced back to pre- NFP levels, however trend remains bearish as the index continues to trade below Ichimoku cloud resistance.

Price is below the Kumo but above both the tenkan- and kijun-sen indicators. Trend is unclear in the very short-term time frame. Support is at 92.50. Breaking below it will open the way for a push to new lows towards 90.50-90. Resistance is at 92.80-93.10.

Red lines - bearish channel

On a daily basis trend remains bearish. Price is still below the daily kijun-sen (yellow line indicator). Price is trying to hold above the daily tenkan-sen (red line indicator). A break above 93-93.10 will open the way for a bounce towards 94-94.30. A move towards the 90 level is what I expect next. But we may see 94 first. Key support is at 92.10.

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