FX.co ★ Trading plan for US Dollar Index on August 31, 2020

Technical outlook:

US Dollar Index daily chart is presented here today and it might be suggesting a potential bottom at the 92.15 level. Even if prices break below the 91.15 mark, it should be noted that a downside movement remains limited. The index is seen to be trading around 92.20 (intraday chart) and it is expected to resume higher soon. Immediate support is around the 92.00 zone, while resistance is seen towards the 94.00 level. Once the price breaks above the 94.00 level, it would confirm a major bottom in place and that bulls are back in control. The entire boundary/drop between 103.00 and 92.15 should be retraced in the next few weeks.

Trading plan:

Remain long, stop @ 91.00, target is open

Good luck!