As the story continues to unfold on hourly chart depicted here, the US Dollar Index seems to be a candidate to be sold on rallies. The index is said to be trading around 95.14 levels at this point in writing, and could be looking to test 95.60/80 levels before the drop continues further. As an alternate, the index could be seen dropping towards 94.50/60 levels first, before producing a meaningful corrective rally. In either case, it could be a safe trading strategy to remain short and also look to add further during intraday rallies through 95.60/80 levels. Ideally, until prices stay below 96.16 levels, one can expect the short term bearish count to remain intact.
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