Ichimoku indicator analysis of USDX for July 5, 2017

The Dollar index bounced as expected but found resistance at 96.50 and did not manage to break it. A rejection at current levels will imply a move lower below 95.

Red line - resistance

Price is below the 4-hour Kumo and trying to hold above the tenkan- and kijun-sen indicators. Support is at 96 and resistance at 96.50. A break above 96.50 could push the index towards 98. A break below 96 will open the way for new lows towards 94.50.

Daily resistance is found at 96.50-96.60. A break above it will open the way for a push towards the Daily Kumo at 97.80-98. The trend remains bearish as the price is still below both the tenkan- and kijun-sen. Overall I expect a bounce in the Dollar index towards 98.The material has been provided by InstaForex Company - www.instaforex.com