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Technical outlook:
The US Dollar Index end of the day chart is presented here, which indicates a meaningful bottom might be in place around 89.20 levels on January 06, 2021. The index is seen to be trading around 99.44 levels at this point in writing and is expected to drop until 89.50/80 in the next few trading sessions, before finding support.
Immediate support is strong around 89.20, while resistance is seen at 91.20 levels respectively. A break above 91.20 would confirm that a meaningful bottom is in place at 89.20 and that bulls are back in control. In the short term, the index is expected to drop through 89.50/80, which is fibonacci 0.618 retracement of recent rally between 89.20 and 90.95 levels respectively (it is not highlighted here). A bullish reaction remains high probability if prices manage to reach there.
The overall wave structure remains constructive for bulls and they might be preparing to push through 94.50/60 levels at least. Further, potential remains for a push towards 98.00 levels, which is fibonacci 0.618 retracement of the entire drop between 103.00 and 89.20 levels respectively.
Trading plan:
Remain long, stop @ 89.00, target is 94.60 at least.
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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