Ichimoku Analysis (4-hour chart)
Tenken-Sen- 96.94
Kijun-Sen- 97.04
US Dollar index recovered more than 100 pips after hitting a low of 96.39. The overall trend is slightly bullish as long as support 96.40 holds. The fear of the second wave of coronavirus might increase demand for Safe-haven assets like Dollar, gold. California, Texas, and Florida hits a record number of cases and the total number rose by 37720. It is currently trading around 97.41.
On the flipside, near-term support is around 97, any violation below targets 96.40. Significant bearishness only if it breaks 96.40.
The immediate resistance is around 97.40, an indicative close above will take the index till 97.82 (200- 4H EMA)/98.19 (200- 4H MA). Any breaks above 100 confirm the bearish reversal, jump till 100.87/101.20 likely.
It is good to buy on dips around 97 with SL around 96.40 for TP of 98.40.
