Technical analysis of USDX for September 16, 2016

The Dollar index continues to trade inside the triangle pattern with no clear breakout signal. Trend is neutral. Upward and downward swings within the boundaries are common. Traders should be cautious and patient when the market is in such conditions.

Green line - resistance trend line

Blue line- support trend line

Important short-term support level is at 94.60. Important short-term resistance level is at 96.25 and next at 97. Price is inside a triangle formation and it seems that we are going to be stuck in this pattern for some more time. The Ichimoku cloud does not provide any clear signal as price is moving sideways.

The weekly chart depicts this sideways move in a more clear way as price is trapped between the weekly kijun- and tenkan-sen indicators. Price is below the weekly cloud but also above the 94.60 critical support. Shorter-term trend indications we will have if we break above or below 95.70 or 94.90 respectively.The material has been provided by InstaForex Company - www.instaforex.com

From www.instaforex.com http://ift.tt/2cvvYBb