US Dollar Index holds above 95.70 interim support

13 juil. 2020

US Dollar Index had pulled back sharply from 97.00 highs on Friday last. It might have carved a higher low around 96.40 levels today as bulls prepare to resume higher. Kindly note the angle of the backside of support trend line; it is passing through 97.50 as we prepare to publish this update. This is encouraging for bulls to continue pushing higher. Only a break below 95.70 would change the structure. Potential wave counts also suggests that US Dollar Index might have carves Waves 1 and 2 around 97.75 and 96.25 respectively. Further, lower degree waves i and ii within Wave 3 also seem to be in place at 97.00 and 96.40 respectively. If the above holds, US Dollar Index should stay above 96.25, and push through 97.80 and 100.50.

Remain ling, stop @ 95.50, target @ 100.50

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