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Ichimoku cloud indicator analysis of USDX for January 24, 2018

The Dollar index has reached our lower targets. Price remains in a bearish trend. The strength of the decline in the Dollar index has broken the bullish divergence signals. The Dollar index is approaching important Fibonacci support levels.

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Red lines - bearish channel

The Dollar index is trading below both the tenkan- and kijun-sen indicators. Resistance is at 89.45-89.77. Support is at 88.80 and next and most important at 88.50.

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Black line -long-term support

On a weekly basis the Dollar index is in a bearish trend. I believe we are close to the end of the downward move from 103. Important support level is at the 61.8% Fibonacci retracement at 88.50 and at the black trend line support at 87. I expect price to bounce strongly towards 92-94 area once this decline is over around 87-88.

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