FX.co ★ Ichimoku cloud indicator analysis of USDX for April 12, 2018

The Dollar index has stopped its decline around the 61.8% Fibonacci retracement. The price is below the clouds and remains in a bearish trend. Bulls need to bounce strongly off this support area in order to hope for a trend change.

On a weekly basis, the Dollar index remains above the tankan-sen. The last few weeks there is no progress in price as we are mainly moving sideways. A move above last week high could lead to more upside towards 91.70. A break below 88.90 could lead to another leg lower towards 88. No clear trend so traders should be cautious and wait for the right signals.