Ichimoku indicator analysis of USDX for September 6, 2017

The Dollar index tried to break out of the 4-hour Kumo resistance yesterday and change short-term trend to bullish, but it got rejected and has now broken below Ichimoku cloud support once again.

Price is trading below the 4-hour Kumo and both the tenkan- and kijun-sen indicators. Trend is bearish. Resistance is at 92.70 and support at 91.60. Intermediate support can be found at 92.10. As long as price is below 92.70 trend will remain bearish and price will head towards 90.

Red lines - bearish channel

On a daily basis, trend is bearish. Price broke below the tenkan-sen yesterday. This is not a good sign for Dollar bulls. Daily resistance is between 92.55-92.90. As long as price is below this area on a daily basis, we will be waiting for new lows. Break this resistance and we move towards 94.

The material has been provided by InstaForex Company - www.instaforex.com