Technical outlook:
The US dollar index had rallied through 92.70 mark on Wednesday before finding resistance. The index is unfolding a counter trend drop since 93.72 highs and might be ready to resume lower towards 91.00 levels. Please note that probability also remains for a push towards 93.00/05 zone, before reversing lower again.
The index is working upon the upswing between 89.50 and 93.72 as highlighted on the chart here. It is expected to retrace lower towards the fibonacci 0.618 level passing through 91.00 mark as seen on the chart. Also note that trend line support is passing through the same zone, which is good for a bullish reversal.
The US dollar index is seen to be trading around 92.55 mark at this point in writing and is expected to turn lower towards 91.00 soon. Immediate resistance is seen above 93.00, followed by 93.70, while support comes in 91.80 levels respectively. Bulls would remain poised to be back in control around 91.00 level.
Trafing plan:
Potential to drop toward 91.00, against 93.75
Good luck!
