US Dollar Index has retraced to the fibonacci 0.618 levels of its recent rally between 95.89 and 96.40 respectively. A high probability bullish reversal remains possible from here, provided US Dollar Index stays above 95.78 levels. Over the short term, the US Dollar Index should be hearing towards 97.30 if 95.78 holds well. Also note that it would be breaking a resistance around 97.20 levels, entering into the buy zone of the dropping trend line as well. Overall, we maintain a bullish stance going forward.
Remain long, stop @ 95.50, target @ 97.30
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain long, stop @ 95.50, target @ 97.30
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.