FX.co ★ USDX technical analysis for February 10, 2016

The US dollar index hit new lows yesterday. Now it is trading inside a downward sloping channel. A trend is bearish as long as the price is below 97.50.

The US dollar index is below both the tenkan- and kijun-sen and the Ichimoku cloud. The rice is headed for lower lows and lower highs. It is inside the blue bearish channel with resistance at 96.75 and support at 96.55.

The weekly candle has entered the weekly cloud and has also broken below the kijun-sen. This is a bearish sign and in case of week closes below these indicators, we could expect more impulsive selling in coming weeks that could bring the index to the area of 91-92.