The US Dollar Index continued its drop yesterday, the only surprise was a very shallow retracement it took prior to the drop towards 95.20 levels. Immediate resistance stays at 96.68 levels for now with momentum towards 94.00 levels at least. Please note that there may be intraday/interday pullbacks, back into the 96.00 levels before the drop could continue. There are two reasons that could trigger a pullback rally: Smaller timeframes are indicating bullish divergence on the RSI and an impulse drop could be complete from 96.68 through 95.20 levels respectively. The overall bearish view still remains and any pullback rallies should be considered as opportunities to initiate short positions further.
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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