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    USDX technical analysis for February 26, 2016 2016-02-26

    The US dollar index has reversed as we expected at 50% retracement braking below the bullish channel. I warned bulls yesterday that they should be very cautious as there were signs of an approaching bearish reversal.


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    The price got rejected at the 50% retracement and is pulling back towards the Kumo (cloud) support at 96.80. Next support is seen at 96.20. Resistance is seen at 97.70-97.90. If is gets broken, we will go to 98.10-98.80. If support fails, we are going to test 95.80. At this point, I believe it is very difficult to break below 96.80.


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