US Dollar Index top in place at 96.85 ?
The US Dollar Index had rallied through 96.85 levels on Friday threatening a break above 97.00 levels but bears seems to have taken control from just a few points below critical resistance at 97.00 levels. The index dropped to 96.30 levels around Friday close and could be preparing to target 96.20 levels, which is initial price support. Please also note that a lower degree impulse wave could be complete now or just below 96.20 levels. Subsequent rallies through 95.50/60 levels could be seen as fresh opportunities to go short again. Over structure still remains constructive for bears, with a probable standard flat unfolding as A-B-C. A potential target for Wave C could be below 93.80 levels and it could also drop further towards 92.00 levels. We maintain our medium term bearish outlook 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.
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