US Dollar carves a potential bottom around 92.56 ?

US Dollar Index seems to have carved a meaningful bottom around 92.56 levels. The index is trading around 93.12 around these times and is expected to push further higher towards 98.00 levels, going forward. There are number of strong convergences that are indicating a potential bottom formed. 1. The US Dollar Index completes 5 waves lower from 103.00 hitting the fibonacci 0.618 extension around 93.30. 2. It has found support of the Elliott Channel just around 92.50/60 mark. At least a corrective rally could be expected from here, if not a trend reversal.

Remain long @ 93.17, stop @ 92.00, target is open