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US Dollar Index Technical Analysis for December 04

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Chart setups:
The daily chart has been presented here, in continuation to yesterdays’ discussions. The US Dollar Index has dropped lower towards the 97.50/60 levels yesterday and has already managed to hit the first expected support at fibonacci 0.382 (98.00 levels). The long awaited and anticipated drop has been materialized in just one trading session, and hence prices may intend to drift sideways before picking up. But please note here, that the minimum criteria for the drop has already been fulfilled and the next big leg is expected to be on the north side, towards at least 104.00 levels. Immediate support is seen at 96.10 levels, while resistance is seen at 99.60 levels. Please watch out for a bullish turn around from current levels or around 96.00/10 levels.
Trading recommendations:
Take profits on short positions. Watch to again go long.
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