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Technical analysis for US Dollar Index for November 02, 2015

A 4H chart view has been presented here showing the recent wave after printing lows at sub 93.00/94.00 levels.

Please note the US Dollar Index has probably completed its 4 wave (out of 5 waves impulse rally on the higher side), around mid 93.00 levels. Furthermore, the index seems to have completed its first wave at 97.80 levels last week. High probability remains for a 3 wave (A-B-C) correction towards 94.00/95.00 levels, before the rally could resume towards 102.00 levels at least.

Immediate support is seen through 96.50 levels, followed by 96.20 levels and lower, while resistance is seen through 98.80/85 levels (interim), followed by 100.00 and higher respectively.

The RSI, which is above 40 levels at the moment, is expected to settle around 30 levels in the corrective phase.

Trading recommendations:

Remain flat for now, look to initiate long around 95.00 levels.

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