Technical analysis of USDX for July 26, 2017

The Dollar index remains in a bearish trend despite the short-term bounce yesterday. As long as the price is below 94.50 trends is clearly bearish. A rejection at current levels will bring in more sellers and push the index to new lows.

Blue lines – bearish channel

The Dollar index is trading below the 4-hour Kumo and therefore the short-term trend is bearish. Resistance is at 94.50 and next at 95. Support is at 93.95 and next at 93.30.

On a daily basis, the trend is clearly bearish as the price is below both the tenkan- and kijun-sen. Resistance is at 94.75. A daily close above this level would be an initial reversal signal that would at least push price towards 95.75.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of USDX for July 26, 2017