FxWirePro: Buy US Dollar index above 98.40 (chart of the day)

Ichimoku analysis (Daily chart)

Tenken-Sen- 97.76

Kijun-Sen- 98.18

DXY is trading high for past 1-week and jumped more than 100 pips. It hits a high of 98.40 and is currently trading 98.39. The overall trend is still bullish as long as support 98 holds.

According to the CME Fed watch tool, the probability of keeping rates unchanged has increased from 95.6% to 97% and the chance of 25 bps cut declined to 3% from 4.4%.

With no major economic data from US markets eye CPI and Powell testimony tomorrow for further direction.

The near-term major resistance is around 98.40 and any violation above will take the index till 99/99.65. Major bullish continuation only above 99.65.

On the lower side, support stands at 98 (55- day EMA), break below will drag the index down till 97.70/97.45-50 (200- day MA, 200- day EMA).

It is good to buy above 98.40 with SL around 98.20 for the TP of 99.