Technical Analysis of the US Dollar Index
The US Dollar Index continues to move in a downtrend on the weekly timeframe, with a corrective upward move on the 4-hour chart. At the beginning of the week and during the Asian session opening, the US Dollar Index traded sideways around the 98.30 level. It is worth noting that prices are still moving within the WOB. On the 45-minute chart, prices formed an FVG and began to bounce down from it. A decline in the US Dollar Index is expected throughout the day.
Economic Highlights
There are no significant economic news releases for the US dollar today, so the movement is expected to be relatively calm.
Liquidity Levels
Prices are expected to decline today if the 98.25 level is broken, targeting 98.10 and then the 97.70 WFVG liquidity level.
The bearish scenario would be invalidated if prices rise and touch the 98.90 level.
