Dollar index short view

22 Ağu 2023

The whole of September could be very bearish for the dollar. The dollar bounced off the upper trend line and started a new pullback. We see that the resistance is in the 16.8%-78.6% Fibonacci zone. The start is great, and we see a downward turn, and now we expect to see a continuation of the decline in the dollar index. We set a new Fibonacci to follow the pullback, and the first target is 38.2% at the 102.10 level, then 101.60 and 101.14 at the 61.8% level. If the dollar drops to that low, it could make a double bottom around the 100.00 level.