Ichimoku indicator analysis of USDX for November 8, 2017

The Dollar index continues to trade sideways. The trend remains bullish as long as the price is above 94.20. The target of this uptrend remains at 95.50 while we could see an extension higher towards 96.50.

The price is above the 4-hour cloud. The trend is bullish. Support is at 94.78 and next at 94.50-94.35. Resistance is at 95.15. As long as the price is above 94.20 bulls have nothing to fear.Breaking below it will open the way for a test of the important support at 93.50.

The price remains below the kijun-sen on a weekly basis. Bulls need a weekly close above it and not to close below 94.40. A close below that level will be considered as a rejection and reversal signal. I remain longer-term bearish as the price is below the weekly cloud and making lower lows and lower highs.The material has been provided by InstaForex Company - www.instaforex.com