Technical Analysis of the US Dollar Index

The US Dollar Index is moving in a bearish direction on the four-hour timeframe. The index declined after liquidity was taken around the 99.30 level. Prices have also succeeded in forming a Fair Value Gap on the four-hour timeframe, which represents a strong selling zone. A bearish price reaction from this area is required to justify selling positions. Further price decline is expected during today’s session.

Major Economic News:
There are no important economic news releases affecting the US dollar today, therefore price action is expected to remain orderly.

Liquidity Levels:
Prices are expected to decline targeting the 98.15 level, followed by the 97.75 level.
The bearish scenario will be invalidated if prices close above the 99.30 level on the one-hour timeframe.