US Dollar Index might be heading towards 98.75/99.00 levels
US Dollar Index might have carved a meaningful bottom around 91.75 levels. The index had reached 93.07 today and is expected to take out 93.50 resistance as well. A impulse rally is expected to be complete around 93.50 levels, confirming that bulls are in total control. Also note that the entire drop from 103.00 through 91.75 is also an impulse and a corrective rally towards fibonacci 0.618 retracement remains high probability. Bulls might be inclined to push through 98.75/99.00 levels going forward. Good to buy on dips after 93.50 is taken out.
Remain long, stop @ 91.00 target remains open.
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 @ 91.00 target remains open.
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.