FX.co ★ USDX technical analysis for June 19, 2015

The US Dollar Index bounced strongly upwards towards 94.50 after reaching as low as 93.56 despite reaching a new low below 94.50 yesterday. A trend remains bearish as the price is still below the red trend-line resistance and below the Ichimoku cloud.

Red line- resistance

Green line - downward sloping trend line

TheUS Dollar Index is heading for lower lows and lower highs. The price is below resistance of 94.50-94.60 which was previous support. The price is bouncing towards the cloud and trend-line resistance, but I believe we are most probably going to see a rejection and a push towards new lows near 92.50.

In the weekly chart, the price is testing the kijun-sen support. Important support is seen at 93.50 now. If it gets broken, I expect a deep correction at least towards 92.50. My most probable target is at 90 as this is also the 50% retracement.