US Dollar Index testing support around 96.15 levels

The 4H chart presented for US Dollar Index is indicating that unlike its counterpart ( EURUSD), the index is seen to be testing immediate support trend line around 96.10/15 levels. Please note that probabilities could remain high for a continued drop towards 95.65 levels before producing a meaningful retracement/pullback. Looking into the wave structure, US Dollar Index keeps the ending diagonal scenario intact for now. Furthermore, once the previous wave iv is taken out at 95.65 levels, it would be confirmed that a meaningful top is in place at 97.70 levels. The index is seen to be trading around 96.20 levels at this point in writing and bears could be inclined to push through initial price support at 95.65 soon. Any intraday pullbacks should ideally stay below 96.80/85 levels for the potential impulse wave structure to remain intact. Overall bearish scenario prevails until prices stay below 97.70.


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