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The US dollar index rose through the 104.87 highs during the early hours of the Asian session on Thursday. The index is seen to be trading close to the 104.70 mark at this point in writing and is expected to resume lower from here. Bears will be poised to hold prices below the 105.52 interim resistance to keep the structure intact.
The US dollar index has carved a larger-degree meaningful upswing between 89.50 and 105.52 since May 2021 as seen on the daily chart displayed here. The index is now working to produce a retracement before resuming its rally above the 105.52 mark. Bears are potentially in the last wave of the proposed corrective drop from the 105.52 highs.
The US dollar index has carved a lower-degree downswing between 105.52 and 103.15 in the last few trading sessions. Furthermore, prices have retraced the above drop through 104.89, which is the Fibonacci 0.618 level of the above drop. Bears will be inclined to come back in control and drag prices through the 99.00 mark going forward.
Potential drop to 99.00 against 106.50
Good luck!
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