Technical outlook:
US Dollar Index end of the day chart has been presented here. The index has dropped to 94.08 lows today and is trading around 94.20 levels at this point of writing. The index might drop to the 94.00 mark before reversing higher again as a short-term target for bulls remain towards 96.00 levels. Also note that 94.00 is fibonacci 0.382 retracement of the entire drop between 103.00 and 91.75 levels respectively, hence probability for a bearish reversal from there remains high. Immediate support is seen towards 92.60, while resistance is around 94.65 (interim). A push above 94.65 would confirm that bulls are back in control and are looking to target 96.00 at least in the short term. On the flip side, the US Dollar Index might drop below 94.00 and find support around 93.50 levels before turning higher again. Overall, the outlook remains bullish until prices remain above 91.75 levels.
Trading plan:
Remain long, stop below @ 91.75, target is open.
Good luck!
