Technical outlook:
US Dollar Index might have carved a meaningful bottom around 95.72 levels on June 10, 2020. The index has rallied since then and is seen to be trading around 97.64 levels at this point in writing. The recent boundary that is being worked upon is between 96.40 and 97.80 respectively. Please note that fibonacci 0.618 retracement of the recent upswing is seen around 96.90 levels. We can expect a bullish bounce around 97.00 levels if prices manage to reach there. Interim resistance is seen towards 97.80, while support is seen towards 96.40 respectively. Trading point of view, the US Dollar Index remains a buy on dips until 96.40 support remains intact.
Trading plan:
Buy @ 96.90 and 97.00, stop @ 95.80, target @ 100.56
Good luck!
