24.01.202306:18 Forex Analysis & Reviews: Trading plan for US dollar index on January 24, 2023

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Technical outlook:

The US dollar index rose through the 101.85 high during the New York session on Monday before finding some resistance. The index has pulled back a bit and is seen to be trading close to 101.60 at this point in writing. A break above 102.20 and subsequently 102.40-50 will confirm that the bulls are back in control with a meaningful bottom in place at 101.00-20.

The US dollar index might have completed its larger-degree corrective decline, which had begun from the 114.70 high in September 2022. Both the Fibonacci extensions have been met as seen on the 4H chart here. Furthermore, the index has not printed another low below its January 18 low at 101.11; while its counterpart EURUSD printed a shallow high.

The above phenomenon can be considered a bullish divergence for the US dollar index. The bulls will remain poised to come back in control as long as prices stay above 101.11. Immediate price resistance is seen at 105.35 on the 4H chart and a break higher will confirm a meaningful bottom in place and that the bulls are back in control.

Trading idea:

Potential bullish turn against 101.00.

Good luck!

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