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USDX technical analysis for March 4, 2016 2016-03-04

The Dollar index has reversed as expected and that is why I was warning bulls yesterday. Price has broken out of the short-term bullish channel and has started a new downward move.

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The Dollar index has reversed from the 98.50 level and has broken the upward sloping blue channel. Price is now testing the Ichimoku cloud support but I believe eventually it will push lower. Short-term support is at 97.40. Resistance is at 98.50. We could see a bounce after the Non-Farm Payrolls today but I do not expect price to make a new higher high.

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