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Short

US Dollar Index remains bearish against 97.71 levels

TVC:DXY   U.S. Dollar Currency Index
The US Dollar Index might produce surprise intraday rally but that should be considered as opportunities to go short again. The index might have carved a lower high at 97.00 levels on Friday and ideally prices may remain below that, going forward. At the moment, it is seen to be trading around 96.00 levels and is expected to be capped below 97.00 in case of an intraday pullback rally. Looking into the higher degree wave counts, the US Dollar Index is either producing a corrective expanded flat (A)-(B)-(C) lower or a 5 wave drop . In either case, it is expected to reach at least towards 94.00 levels; and hence selling on rallies remains a favored trading strategy for now.


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