Technical analysis for US Dollar Index for November 07, 2018

Technical outlook:

The daily chart view has been presented for US Dollar Index to give a bigger picture. Please note that the rally between 88.30 through 97.09 levels can be considered as the upswing which looks to be complete. It needs to be retraced towards 93.80 and 92.60 levels as shown here, before the next upswing could resume. Interim resistance is seen through 97.20 levels, while support is through 93.70 levels respectively. A break below 95.00 levels would be required to confirm the drop and accelerate lower towards projected targets. On the flip side, a push above 97.20 levels would indicate that further upside is possible before a meaningful correction could take place.

Trading plan:

Remain short against 97.20, with target of 94.80 and lower.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis for US Dollar Index for November 07, 2018