US Dollar Index has slipped to 93.25 levels for now and is expected to find support here. High probabilities remain for a meaningful bottom in place around 92.52 over the last week and is expected to hold. The index seems to have completed a complex corrective structure around 92.52, and is now expected to turn higher towards 98.00 levels at least, if not further. Immediate resistance is seen around 94.00 levels and a break higher would confirm that a bottom is in place. US Dollar Index would be a safe buy on dips thereafter.
Remain long, stop @ 92.20, target @ 98.00
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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.