Technical outlook:
US Dollar Index might have finally carved a meaningful bottom at 91.75 levels on September 01, 2020. The index also managed to rally in the next few trading sessions and took off immediate resistance at 93.47 levels. The index is seen to be trading above 93.25 levels for now and is expected to push through 94.00 and further in the over the next several trading sessions. Immediate support is seen around 91.75, while resistance is seen at 94.00 levels respectively. The recent boundary that is being worked upon is between 91.75 and 93.65 and prices have dropped to fibonacci 0.50 retracement levels around 92.69. Please note that is is quite possible for US Dollar Index to drop towards fibonacci 0.618 retracement seen around 92.45 levels. Once the pullback is complete, the index would resume higher towards 94.00 and beyond.
Trading plan:
Remain long, stop at 91.60, target is 94.00 and 98.00 at least.
Good luck!
