Elliott Wave Analysis: USD Index At Do or Die Zone

EUR, GBP, and CHF do not show us any interesting price structure at the moment against the US dollar, so we are trying to avoid these pairs for now until the price direction becomes clearer. That’s why we are more focused on USD Index hourly chart where we may get more information about future (near-term) dollar move against EUR; GBP, and CHF if price will fall from 94.00 resistance, which holds very well for now. Still do/die level.

USD Index, 1H

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com