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06.01.2023 09:27 AM
The US dollar index rallied close to 105.00 intraday on Friday, inching closer to 105.50 as a near-term projected target. The index is seen to be trading close to 104.90 at this point in writing as bulls remain poised to push further higher. Ideally, prices should stay above the 103.50-60 zone to keep the bullish structure intact in the near term.
The US dollar index has potentially carved a meaningful bottom at about 103.05 around mid-December 2022 as seen on the 4H chart here. Prices managed to rally above the 104.50 initial resistance after carving a higher low around 103.12. If the above structure holds well, prices could continue rallying towards 105.50, 107.00, and higher in the next few trading sessions.
The trading instrument has either completed its larger-degree corrective drop at 103.05 or is still wanting to continue lower towards 102.00. Either way, prices are expected to produce a counter-trend rally at least towards 107.00 and up to the 110.00-50 area before the instrument decides on a further direction. We shall revise our trading plan at around 107.00 going forward.
Potential rally against 102.00
Good luck!
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