Technical analysis of USDX for November 9, 2016

The US dollar index reached our target of 96.50 and went even lower after the US election results. The price is now bouncing strongly. As long as price is below the 98 levels, the short-term trend will remain bearish; but if bulls manage to hold this bounce, then the chances will turn in their favor.

Red line - support trend line

The US dollar index has reached the important trend-line support at the 96-95.80 area and managed to hold above it. Bulls are safe as long as the price is above this red trend line. As long as the price is above this trend line, long-term bulls are safe. Bears, on the other hand, need to break to new lows and the market will sell off hard.

Green line - trend-line supportThe US dollar index has reached the daily cloud support after the US elections results and bounced strongly. Volatility is increased and the price has shown bearish signs by making a lower low than that of last week; the price held above the critical support green trend line.The material has been provided by InstaForex Company - www.instaforex.com

From www.instaforex.com https://www.instaforex.com/forex_analysis/84013/