Todays technical outlook on the USD Index

H4 chart

Price dropped down to the weekly target yesterday, Stoch is oversold. As we are at the weekly target the move most possible is a rise up to WPP. The yellow zone on my chart is where bears are likely to re-short. The drop pierced down fib 61.8. Althogh previous low is still holding the Index does not look any bullish right now. As price is falling its safe for bulls to stay flat until we get a higher high

H1 chart

Price is currently at a support zone marked in green. Price opened at a bullish pivot and its lining up a reversal pattern.A break n test above current double bottoms would trigger bulls entry. Current resistance for price lies at 99.90. A drop here would be too much for the Index, but with rate hike chances decreasing we might see further drop. Target for the day is 100.30/DM4.

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