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30.10.202007:56 Forex Analysis & Reviews: Trading plan for US Dollar Index for October 30, 2020

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Technical outlook:

The US dollar index continued its rally to print a 94.10 high before pulling back lower. The index is seen to be trading around the 93.85 level at this point in writing and is expected to continue higher towards 94.50 in the short term. Immediate support is seen at 92.40 and 91.75, while resistance is fixed around 94.75 respectively. Any pullback lower should remain well capped above 92.40 level and ideally the US dollar index should find some support around 93.50 today. A push above 94.75 would be considered encouraging to bulls to push higher towards 95.00. Only a drop below 92.40 would threaten the above bullish setup and push prices lower towards 91.75 and further.

Trading plan:

Remain long, stop @ 91.75 target @ 96.00

Good luck!

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