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Major resistance- 98.45
DXY is consolidating after hitting a high of 98.40 level and the overall trend is still bullish on US-China trade optimism. Wall Street stocks are trading upside and hit a fresh all-time high on increasing demand for riskier assets. Fed chairman was optimistic about the economy and said that that central bank is 'strongly committed' to 2% inflation. This shows that the chance of rate cut in the coming months is less. DXY hits an intraday low of 98.26 and is currently trading around 98.26.
Technically, major support stands around 97.60, any indicative break below will drag the index down till 97-97.20. The minor support is at 98.20/98.
On the higher side, 98.45 high made on Nov 13th is acting as major intraday resistance and break beyond targets 99/99.65. Major bullish continuation only over 99.67.
It is good to buy on dips around 98.10-15 with SL around 97.60 for the TP of 99.
