US Dollar Index needs to hold below 97.70 levels for the medium term bearish outlook to remain. The index is seen to have tested 97.54 levels already yesterday and bulls are looking to break higher above 97.70 levels at this point in writing (trading close to 97.50/55). It could be possible though that the US Dollar Index might be unfolding a lower degree wave ii or b at this point and if that is the case, it should terminate the same ahead of 97.70 levels. If the above count holds, we could witness a swift reversal towards 95.00 levels at least. As an alternate, if 97.70 levels break, the next resistance could be seen around 98.20 levels which is also the fibonacci 0.618 of the drop from 103.80 to 88.30 levels respectively. Overall, till prices remain below 97.70 levels, the US Dollar Index could be looking lower.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.