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    USDX technical analysis for March 7, 2016 2016-03-07

    The Dollar index has reversed as expected and is now testing the 38% Fibonacci retracement support of the rise from 95.20 to 98.60. More downside is expected.


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    The Dollar index has broken the bullish channel downwards and is testing the 1st important short-term support at the 38% Fibonacci retracement at 97.30. Next support is at 96.50. If this level is lost, we should then expect a test of the lows at 95.20.


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    The Dollar index has made a lower high and has reversed. Price came very close to the Kumo (cloud) resistance but could not break above it. The reversal should bring price towards 95.65 where the lower triangle boundary is found. Daily resistance is at 97.80. Next resistance at 98.60.


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