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The US dollar index slipped during the Asian session and registered a low around the 103.77 mark on Thursday. The index is seen to be trading at around the 103.90 mark at this point in writing and is expected to drag further towards the 99.00 mark going forward. Bears will be poised to hold prices below the 105.52 mark to keep the near-term structure intact.
The US dollar index is unfolding a complex corrective structure (expanded flat) from 104.88. It seems to be into its last leg lower against the 105.52 mark and a break below 103.10 will accelerate towards the 101.00 interim support. Prices are expected to find support at around the 99.00 mark, which is the Fibonacci 0.382 retracement of the larger degree upswing between 89.50 and 105.52
The US dollar index has carved a lower-degree downswing between 105.52 and 103.10 in the past few trading sessions. The index might have also completed its pullback rally finding resistance around the 104.70 mark on Thursday. Traders will now be poised to hold short positions with a potential target towards the 99.00 mark.
Potential drop through 99.00 against 105.50
* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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