Ichimoku indicator analysis of USDX for November 2, 2017

The Dollar index is testing the channel support. Price reached the lower channel boundary. The trend remains bullish as the price is still above the Kumo. However, we have the first warning as the price has moved below the kijun-sen.

Blue lines - bullish channel

The Dollar index is testing short-term channel support at 94.45. Breaking below this level will push price towards the Kumo support at 94.05. Breaking below the Kumo support will change short-term trend to bearish.

On a weekly basis, nothing has changed. Price remains below the weekly kijun-sen and the 38% Fibonacci retracement. Price could push towards 95.50 where the 38% Fibonacci retracement is found. Rejection at current levels could bring the index towards the tenkan-sen at 93. Breaking below 93 will confirm that the next downward move has started.The material has been provided by InstaForex Company - www.instaforex.com