The US dollar index remains in a short-term bearish trend as it continues approaching lower lows and lower highs. We are inside a neutral area regarding the long-term trend, but breaking below 93 is unlikely to be a good sign for bulls. Important long-term support is found at 92.
The US dollar index is trading inside a bearish channel below the Ichimoku cloud in the 4-hour chart as can be seen above. The short-term resistance is seen at 95 and support is found at 94.15.
Red line -weekly resistance
Green line -weekly support
The US dollar index has entered the weekly cloud area. This could turn trend neutral. Bulls need to break above the cloud in order to regain control. Important Fibonacci support of 38% at 92 is the key level, which bulls need to defend. The overall price remains trapped inside the bullish flag pattern. The best strategy would be to remain neutral since we have no signals.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via USDX technical analysis for October 14, 2015 . Thanks for your support.
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