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Market Analysis

Home » Featured » US Dollar Index Technical Analysis for November 19

US Dollar Index Technical Analysis for November 19

Posted by FXTimes in Featured - November 19th, 2015 8:53 am GMT

Chart setups:
A Daily chart view presented here indicates that the US Dollar Index might as well be underway towards 104.00 levels, after making interim lows at mid 92.00 levels around August 2015. Also please note that the rally from 94.00 levels through 99.80/90 levels look to be stretched at the moment and a meaningful retracement could be under way towards 96.00 levels before resuming. Even a drop towards 97.80 levels, which is also fibonacci 0.382 support, would suffice the minimum requirements (maybe wave 4 correction). Looking into the above count, a corrective drop looks to be more probable at the moment. Immediate resistance is seen at 100.20 levels, followed by 100.60 while support is seen through 98.50 and lower respectively.
Trading recommendations:
Short now, stop at 99.99, target 98.00 at least.
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