FX.co ★ #USDX technical analysis for April 28, 2015

The Dollar index has marginally broken below the H&S neckline and this is not a good sign. As long as the price is trading around this neckline, I will be cautious towards any direction (ahead of with the FOMC meeting coming on Wednesday).

Green line= H&S neckline

The Dollar index is in the short-term bearish trend and the price remains below the Ichimoku cloud. All signs favor bearish positions. We could see a bounce towards the resistance at 97.50 or 97.80 but the overall trend remains bearish after the double top took place at 100.

Orange lines= bullish channel

Another bearish signal is the weekly candles that have broken out of the upward sloping orange channel and below the tenkan-sen. This implies that the index could push towards the kijun-sen yellow ichimoku indicator at 93. New sell signal will be given if price breaks below 96.20