Technical outlook:
US Dollar Index might have carved a higher low around 92.13 over the last week. The index has since managed to rally towards the 93.10/20 levels until yesterday. Immediate support is seen around the 91.75 mark, while resistance comes in at 94.30 respectively. A push through 94.30 will confirm that bulls are back in control and that a meaningful low is in place around 92.13 levels respectively. Earlier, the US Dollar Index had rallied from 91.75 through 94.75 levels respectively. The subsequent drop managed to find support around Fibonacci 0.786 retracement at the 92.13 level. If the above structure holds, US Dollar Index should ideally stay above 91.75 and continue higher towards the 95.00 and 96.00 levels respectively. Intraday support is seen towards the 92.40/50 levels in case of a pullback.
Remain ling, stop @ 91.75, target at 96.00 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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