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The US dollar index marginally dropped through 101.20 on Monday before turning higher again. The index is seen to be trading around 101.43 at this point in writing as the bulls are preparing to rally towards 102.50 and further in the near term. The likelihood remains for an intraday drop towards the 100.80-90 area before finally resuming higher.
The US dollar index had earlier dropped between 114.70 and 100.50 levels carving a meaningful larger-degree downswing (not seen on the chart). The index is now unfolding a complex corrective structure and is projected to rally towards 105.50 at least to complete the pattern. For the above bullish structure to hold well, prices must stay above 100.34.
The US dollar index has further carved a lower-degree upswing between 100.34 and 101.61 in the past two trading sessions. Prices are now retracing the above rally and could find support around 100.90 which is the Fibonacci 0.618 retracement of the above. Watch out for a sharp rally thereafter, pushing prices towards 102.50 and 103.70 levels respectively.
A potential rally against 100.
Good luck!
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