Technical analysis of USDX for November 24, 2016

The Dollar strength remains impressive as the bullish trend continues despite all the technical warnings from the bearish divergence signs. The Dollar index has reached the 61.8% Fibonacci retracement of the decline from 2001. This is important resistance. I remain bearish the Dollar index expecting an important top to be made.

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A short-term trend change will be confirmed on a break below 100.65. A trend remains bullish but also very close to be complete. A pullback towards 98-99 is justified but longer-term bulls will only be worried if price breaks below 97-96.50 area.

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The Dollar index has reached the 61.8% Fibonacci retracement of the entire decline from 2001. There are bearish divergence signs on the monthly oscillators. The resistance at 102 is very strong. Could we see the end of the entire rise here? Possibly but only below 96 we could be more sure and specially if 91.90 is broken.The material has been provided by InstaForex Company – www.instaforex.com

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