The US Dollar Index has managed to raise through 97.10 levels, as expect ed and discussed earlier. Believe it or not, the minimum expectations of price action looks to be complete, and the US Dollar Index could resume its drop any time now. Also note that 97.10 is fibonacci 0.618 resistance of the entire drop between 97.71 and 96.20 levels earlier. A bearish reversal here remains probable and bears could be back in control after temporary setback. Looking into the higher degree wave counts, the US Dollar Index is unfolding its corrective drop (A)-(B)-(C) as an expanded flat; with Wave (C) in progress since 97.71 levels. If the above structure holds true, we could see a rapid drop towards 95.00 and 94.00 levels as Wave (C) progresses further. The medium term bearish outlook remains for now.
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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.