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FxWirePro: DXY Daily Outlook
Ichimoku Analysis (Daily chart)
US Dollar index is trading higher after a minor dip till 90.07. The jump of new coronavirus cases across the globe and weak US soft data is supporting the US dollar at lower levels. On the data front, US retail sales and Jobless claims came below expectations. The US 10-year yield was one of the best performers in the past 1-1/2 months and surged more than 45%. The US 10-year yield lost nearly 10% after hitting a multi-month high of 1.184%. The yield curve widened since May 2017 from 3.6 basis point to 96.20 basis point. The intraday trend on DXY is slightly bullish as long as support 89.80 holds.
On the higher side, near-term resistance is around 91, convincing violation above targets 91.50. Significant bullishness only if it closes above 91.50. A jump till 93 likely.
The index is facing strong support at 89.80; any indicative break below will take the index to 89.60/89.20.
It is good to buy on dips around 90.45-50 with SL around 90 for the TP of 91.50