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Forex Analysis: 11 Jan 2017, 07:10 UTC+00

Technical analysis of USDX for January 11, 2017

The Dollar index made a lower high and pulled back down towards 101.50 yesterday but support at 101.28 held. Bulls are trying to push the index higher today and currently short-term resistance at 102.10 is being tested.

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Blue line - short-term resistance

Green line - divergence

The Dollar index is testing short-term resistance at 102.10. If broken we are going to see a bounce towards 102.50 where the most important short-term resistance is found. Support is at 101.28 and if broken we should expect a sharp decline towards 100-99

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On a daily basis trend remains bullish as price is making higher highs and higher lows. Price is currently trapped between the tenkan- and kijun-sen (red and yellow line indicators). A daily breakout will confirm the next big move in the index either to new highs or towards the Ichimoku cloud support at 100.


Performed by
analytical expert: Alexandros Yfantis
InstaForex Group © 2007-2017
 Published: 11 Jan 2017, 07:10 UTC+00

 
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