Monday, September 10, 2023
In the weekly chart of the US #Dollar Index, the market structure appears #bullish. Recently, the market found support around the 104 level, and the Dollar #Index has reached the 38.2% Fibonacci retracement level as part of a corrective move.
In this week's trading, if the current #uptrend continues, and the 38.2% resistance level at 105.45 is #broken, the market may find a clear path towards the 50% Fibonacci #retracement at the 107 level.
However, if the #resistance zone at 105.45 holds its ground, the #upward #momentum in the market may be limited, and the Dollar Index could return to the 104 #support level, marking a 23.6% #Fibonacci #retracement #correction.
So based on this analysis I suggests a bullish outlook for the Dollar Index.
In the weekly chart of the US #Dollar Index, the market structure appears #bullish. Recently, the market found support around the 104 level, and the Dollar #Index has reached the 38.2% Fibonacci retracement level as part of a corrective move.
In this week's trading, if the current #uptrend continues, and the 38.2% resistance level at 105.45 is #broken, the market may find a clear path towards the 50% Fibonacci #retracement at the 107 level.
However, if the #resistance zone at 105.45 holds its ground, the #upward #momentum in the market may be limited, and the Dollar Index could return to the 104 #support level, marking a 23.6% #Fibonacci #retracement #correction.
So based on this analysis I suggests a bullish outlook for the Dollar Index.