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The US dollar index dropped through the 103.36 lows on Tuesday before finding support again. The index is seen to be trading close to 103.75 at this point in writing as the bulls prepare to break above the 104.50-60 interim resistance. The near-term projections are towards 105.70 and 107.10 respectively, taking out immediate resistances as marked on the 4H chart here.
The US dollar index might have carved a meaningful bottom around 103.00 last week. The index has carved an upswing between 103.07 and 104.50 levels, which has been followed by a corrective drop back towards 103.36 recently. If the above short-term wave structure holds well, the bulls will remain inclined to push through 107.10 in the next few trading sessions.
The US dollar index seems to have completed its corrective decline towards 103.36 and bounced off higher producing a Morning Star candlestick pattern. A high probability remains for prices to hold above 103.07 and push higher towards 105.50 and 107.10 in the next few weeks. The possibility remains for a push through 110.50 going forward.
Potential rally towards 107.00 against 102.00
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