Trading plan for US Dollar Index for October 28, 2020

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Technical outlook:

The US dollar index has hit a 93.20 high today before pulling back lower again. The index is seen to be trading around the 93.10 level at this point in writing. It is expected to push higher towards the 93.30 level before finding resistance again. Immediate resistance is seen at 93.90 followed by 94.75, while support is intact around 91.75 respectively. The index may either rally higher from the current levels or after printing one more low around 92.35. Also note that 92.35 is the Fibonacci 0.786 retracement of previous rally between 91.75 and 94.75. The overall structure remains constructive for bulls until prices stay above a 91.75 low. Also note that a break above 93.90 would confirm that a meaningful low is in place and that bulls are back in control.

Trading plan:

Remain long, add more @ 92.35, target @ 96.00

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com