Technical outlook:
The US Dollar Index seems to have carved a higher low around 89.55 levels over the past few trading sessions and has managed to carve a higher high and higher low thereafter. The index has again picked up from just below the 90.00 mark today and is now looking to accelerate towards 91.50 and 92.50 in the near term.
The US Dollar Index is seen to be trading around 90.10/15 levels at this point in writing and is looking to push through 91.50 at least in next few trading sessions. Immediate support is seen at 89.55, followed by 89.20; while resistance comes in around 91.47 and higher respectively. A push through 91.50 would instill further confidence to the bullish setup.
US Dollar Index might have turned bullish since 89.20 lows registered on January 06, 2020. The index has pulled back after 93.44 highs but still holds above 89.20 critical support. Bulls are looking poised to push through 95.00 and 96.00 levels going forward.
Trading plan:
Remain long with stop @ 89.20, target @ 95.00 at least.
Good luck!
