US Dollar Index is seen to be trading below 93.00 mark for now and might drop to 92.65 levels before resuming rally. The indice had earlier rallied from 92.15 through 93.50 taking out resistance at 93.40 mark. The above impulse is been retraced for now and potential support zone remains around 92.65, which is fibonacci 0.618 retracement level. A push above 93.50 would confirm that a meaningful bottom is in place and that US Dollar Index is on its way towards 94.50 and 98.00 respectively. Good to buy on dips.
Remain long, stop @ 92.10 target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain long, stop @ 92.10 target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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