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USDX technical analysis for November 2, 2015

The US dollar index, as I had mentioned last week, finished the upward move from 93.80 and has started its pullback. The 38% Fibonacci retracement has not been reached yet and I expect at least a minimum retracement to that area.

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The US dollar index is below the red trend-line resistance and below the kijun-sen on the 4-hour chart. This means that the price should at least push towards the Ichimoku cloud at 96.40 and the 38% Fibonacci retracement.

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Red line - weekly resistance

Green line -weekly support

Despite breaking above the weekly resistance, the US dollar index closed below it showing some initial signs of a rejection. This is an important junction for bulls and bears. I expect the price to pull back even further, even towards the Ichimoku cloud near 95 before resuming upwards. A weekly close above last weeks' high will be an important bullish signal.



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