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29.10.202007:25 Forex Analysis & Reviews: Trading plan for USDX for October 29, 2020

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Technical outlook:

The US dollar index broke above 93.12 and rallied through the 93.65 level before pulling back. The index is seen to be trading around the 93.38 level at this point in writing and is expected to continue pushing higher after a shallow pullback. Immediate resistance is seen at 93.90 followed by 94.75, while support is seen around 92.50 followed by 91.75 respectively. A break above the 93.90/94.00 levels would confirm that bulls are back in control and here to stay for longer. The US dollar index seems to be poised to push towards 96.00 in the next several weeks, provided prices stay above a 91.75 low. Also note that US dollar index had bounced off just below the Fibonacci 0.618 retracement of entire rally between 91.75 and 94.75 respectively. Ideally, prices should push through 96.00 and 98.00.

Trading plan:

Remain long, stop @ 91.75, target @ 96.00.

Good luck!

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