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26.10.202013:53 Forex Analysis & Reviews: Trading plan for US Dollar Index for October 26, 2020

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Technical outlook:

US Dollar Index had dropped through 92.47 lows before pulling back higher again. The index is seen to be trading around 92.95 mark at this point in writing and is expected to push towards 96.00 levels over the next few weeks. Immediate support is seen around 91.75 lows, while resistance comes in at 94.75 levels respectively. A push beyond 94,75 would confirm that a meaningful low is in place and that bulls are back in control Also note that the US Dollar Index has found support around fibonacci 0.618 retracement of the previous rally between 91.75 and 94,75 respectively. As long as prices hold above 91.75 lows, we can expect a push towards 96.00 and 98.00 in the next few weeks. A break above the trend line, would be constructive for bulls and push higher.

Trading plan:

Remain long, stop @ 91.75, target is 96.00 and 98.00

Good luck!

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