The US Dollar Index is seen to be oscillating within a narrow trading range between 93.90 and 94.40 levels. Looking at the recent consolidation structure, a wedge with increasing supports is seen to be potentially forming at the moment in writing with prices at 94.15/20 levels. A break on either side of the wedge could be expected to be really sharp, with a slight edge towards a north side break. If this count holds to be true, the US Dollar Index could be seen rallying sharply towards 94.80 (initial resistance) and taking it off with ease. We would not be surprised to see prices towards 95.70 levels as well in the extreme short term. A safe trading strategy could be to short at higher levels.
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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.
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.