Technical outlook:
The 4H chart for US Dollar Index is seen to be testing its immediate support trend line as depicted here. It is seen to be trading around 96.20 levels for now and is expected to break lower towards at least 95.65 levels before producing a meaningful pullback. Also note that break of 95.65 support will also confirm that a meaningful top is in place at 97.70 levels and that bulls shall continue to remain in control. On the flip side, a bullish reversal on the support trendline would indicate that fresh highs above 97.70 levels are possible. If bears would want to remain control, a drop through 95.65 levels remain mandatory. Please also note that after 95.65 breaks, a meaningful pullback remains highly probable towards 96.50/87.00 levels before resuming lower again.
Trading plan:
Aggressive traders remain short against 97.70 levels, targeting at least 95.65.
Good luck!
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