Ichimoku Analysis (4-hour chart)
Tenken-Sen- 97.44
Kijun-Sen- 97.03
US Dollar index jumped more than 40 pips from a low of 97.28 on an increase in demand for Safe-haven assets. The overall trend is slightly bullish as long as support 96.40 holds. The demand for the US dollar increased after Florida imposed restrictions due to a surge in Coronavirus cases. The US University of Michigan consumer sentiment index edged higher to 78.1 (June) vs expectations of 79. It hits a high of 97.68 and is currently trading around 97.55.
On the flipside, near-term support is around 97, any violation below targets 96.40. Significant bearishness only if it breaks 96.40.
The index is trading well below 200 4-H MA at 98.03, an indicative close above will take the index till 98.60/99. Any breaks above 100 confirm the bearish reversal, jump till 100.87/101.20 likely.
It is good to buy on dips around 97.40 with SL around 97 for TP of 99/100.
