Ichimoku indicator analysis of USDX for December 5, 2017

The Dollar index has broken out of the bearish channel but remains inside the Kumo. Trend is neutral. Price is mainly moving sideways in the short-term. I expect price to break upwards but traders have to be patient.

Black lines – bearish channel (broken)

The Dollar index is moving sideways just below the 93.40 short-term resistance. Bulls are trying to push price above the cloud. I believe that eventually bulls will break resistance. Support is at 93 and next at 92.60.

On a weekly basis price is reversing upwards as expected from the 61.8% Fibonacci retracement. The Dollar index is expected to move higher towards the October highs and challenge them. Most probable scenario for me is to see price move towards the weekly Kumo near 96-97. Important support that bulls must hold is last week’s low.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku indicator analysis of USDX for December 5, 2017