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FxWirePro: Buy DXY above 93

Ichimoku Analysis (1-hour chart)

 

Tenken-Sen- 92.79

 

Kijun-Sen- 92.72

 

US Dollar index has halted its minor uptrend after hitting a high of 92.968. The number of people filed for unemployment benefits declined by 55000 to 787000 in the week ended Oct 17 compared to a forecast of 86000. The conference board leading economic activity came at 0.7% slightly less compared to the revised 1.4% in August. It hits an intraday low of 92.798 and is currently trading around 92.913.

 

On the higher side, near-term resistance is around 93, any convincing violation above targets 93.30/93.75/94. Significant bullishness only if it breaks above 94.

 

The index is facing strong support at 92.47, an indicative break below will take the index till 92/91.74. Minor bullish continuation only below 91.70.

 

It is good to buy above 93 with SL around 92.78 for the TP of 93.40.

 

 

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