Ichimoku indicator analysis of USDX for December 7, 2017

The US dollar index has broken out of the bearish Kumo cloud resistance. Trend is changing to bullish as long as price is above 93-92.50. The index has started making higher highs and higher lows on the 4 hour chart.

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Black lines – bullish channel

The Dollar index is trading above the Ichimoku cloud. Price is inside the bullish short-term channel. Support is found at 93.30 while the resistance lies at 93.80. Trend is bullish.

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On a weekly basis, the US dollar index has started the bounce exactly as expected. Price is now approaching the Tenkan-sen resistance at 93.80-93.90. A weekly close above this level will be a bullish sign. Next important resistance is at 94.40. Weekly support that must hold now is at 93. A break below 93 will be a very bearish sign for the index.The material has been provided by InstaForex Company – www.instaforex.com

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