Technical outlook:
US Dollar Index seems to have finally bottomed around 92.15 levels. The index reversed sharply following the FOMC minutes and managed to produce an Engulfing Bullish candlestick pattern on the daily chart. This might indicate a potential trend reversal, going forward. The index is seen to be trading close to 92.95 levels at this point in writing and it should be poised to push towards 93.40/50 mark either today or tomorrow. It should be a good idea to buy on dips thereafter. Also note that the bullish pattern has been produced around fibonacci 0.618 retracement levels of the previous rally between 88.50 and 103.00 respectively. Immediate resistance is seen through 103.00 and bulls might be inclined to break higher.
Trading plan:
Remain long, stop @ 92.00, target @ 98.00 at least.
Good luck!
