Dollar short view 1D TF, Fibonacci setup
Last year, the dollar's bullish trend moved slowly, with pullbacks to the 38.2% Fibonacci level. This year the bullish trend is more aggressive, and the pullbacks stopped at the 23.6% Fibonacci level. Based on that, we can expect the dollar index to drop to 104,620. Additional support is this year's trend line. If a break occurs below, our next target is zone 101,000-102,000, around 38.2% Fibonacci level. We may even go down to the trend line from 2021 and the 100,000 level, after which the next stronger bullish impulse could be seen.
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