Technical outlook:
The US Dollar index has retraced towards 92.00 levels in the past few trading sessions, after hitting 93.48 levels. Also note that the index has found interim support around the fibonacci 0.382 retracement of the recent upswing between 89.70 and 93.48 levels respectively. A bullish bounce could be in expected from here, towards 92.90 levels at least if not higher.
The US Dollar index is seen to be trading close to 92.15 levels at this point in writing and bulls remain poised to push further higher until prices stay above 92.00 mark. Interim support is seen just below 92.00, while resistance comes at 93.48 levels respectively. High probability remains for a bullish turn from here and also towards fresh highs through 94.50, going forward.
The overall structure has turned bullish since 89.20 lows and strong support is also seen at 89.70 levels. If the corrective drop is not yet complete, the US Dollar Index might produce yet another low towards 91.20 before resuming its rally. Please note that 91.20 is also the fibonacci 0.618 support of the recent upswing.
Trading plan:
Remain long, add more @ 91.20, stop @ 89.50, target @ 94.50
Good luck!
