SINGAPORE: The dollar index may test a support at 89.54 next quarter, a break below which could cause a fall into 87.43-88.26 range.

A downward wave c from 102.99 is still unfolding. It may complete around 87.43, its 100% projection level.

A retracement analysis on the uptrend from 72.70 to 103.82 reveals a strong support at 88.26, the 50% level, which is close to 87.43.

This support significantly increases the chance of the wave c to complete around 87.43. This wave is a part of a bigger wave 4 from 103.82.

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