Technical outlook:
US Dollar Index end of the day chart has been presented here, which has closed around 92.99 levels yesterday. The indice trading lower at this point in time around 92.26/30 mark and is expected to turn higher. The corrective drop that had begun from 93.50 mark is taking a more complex structure but as long as the US Dollar Index stays above 92.15, the overall bullish structure would prevail. Immediate resistance is seen around 94.00 levels, while support is seen through 92.15 levels respectively. On the flip side, even if prices manage to drop below 92.15, the downside remains limited, hence it would be a good trading strategy to buy on dips, going forward. A break above 93.50 would confirm that a major bottom is in place.
Trading plan:
Remain long, stop @ 92.00, target is open.
Good luck!
