The US Dollar Index is seen to be trading around 96.62 levels at this point in writing and could still push a bit higher towards 97.10/30 levels before reversing lower again. Please note that 97.10/30 levels is fibonacci .618 resistance zone for the recent drop between 97.71 and 96.20 levels respectively. Looking at the recent wave structure, the US Dollar Index is progressing well to unfold as an expanded flat (A)-(B)-(C) correction lower towards 94.00 levels at least. Within the corrective drop, Wave (C) looks to be unfolding potentially into 5 waves now (wave i and ii might be in place already). Immediate resistance is seen through 97.71 levels, while support is just below 96.00 levels respectively. Overall, bearish momentum remains until prices stay below 97.71 levels, going forward.
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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.