FX.co ★ Ichimoku indicator analysis of USDX for August 11, 2017

The Dollar index has not made any upside progress so far this week but remains in a short-term bullish mode and can give higher price levels next week.

The price is mainly moving sideways this week. Price remains above the 4hour cloud helping bulls being optimistic for a move higher. Resistance is at 93.80-94. Support is at 93.20.

On a weekly basis, the price is below both the tenkan- and kijun-sen. The trend is bearish. A bounce has started and is expected to push price towards at least the 95-96 level where we find the tenkan-sen (Red line indicator). The weekly close of this week is important regarding the validity of the bullish reversal hammer candle pattern we saw last week.