Technical analysis of USDX for January 16, 2018

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The Dollar index remains in a bearish trend. Price is bouncing but as long as price is below 91.80 trend remains bearish in the short term.

Blue line – resistance

Short-term resistance is at 90.80 and next is at 91.40. However, only a break above 91.80 would change short-term trend. A bounce today is justified but we should not forget that overall trend is bearish.

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Blue line – long-term resistance

Weekly trend remains bearish. The bearish signs we noted in past analysis were the rejection at 94.20 and at 92.60. Price is making new lows but not the RSI or the MACD. I believe that the downside towards 88 is highly probable but we should also keep in mind that the decline from 103.50 might be at its final stages.

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

Source:: Technical analysis of USDX for January 16, 2018

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