Technical outlook:
US Dollar Index might be preparing to push higher towards 95.00 and 96.00 levels in the next several weeks. Bulls are looking in control and they remain poised to push through 93.40 levels in the immediate future. Only a break below 89.50 and subsequently 89.20 would change the above bullish structure and bring back bears in control.
US Dollar Index is seen to be trading close to 92.12/15 levels at this point in writing and is expected to push towards 93.20 at least in the next leg. Immediate resistance comes in around 94.70, while support is at 89.50 levels respectively. A break above 93.40 would accelerate further towards 95.00 and 96.00 going forward.
Please note that potential for US Dollar Index remains through 99.00 and 101.00 levels as well but we shall review once is breaks above 98.00 levels, which is the fibonacci 0.618 retracement of the entire drop between 103.00 and 89.20 levels respectively.
Trading plan:
Remain long for now, stop @ 89.50, target @ 94.50
Good luck!
