Pattern formed: Head and Shoulder
Ichimoku (Daily Chart)
Tenken-Sen- 95.25
Kijun-Sen -95.14
Trend reversal Level- 94.85
DXY is trading weak for two consecutive days. The pair lost more than 60 pips from the high of 95.74 level. It hits low of 94.93 and shown a minor recovery till 95.21. It is currently trading around 94.89.
On the lower side, major support is around 94.85 (trend line support and cloud top) and any break below targets 94.31/94/93.69.
The near term minor resistance is around 95.25 and any violation above will take the index till 95.75/96.25/96.98.
It is good to sell below 94.85 with SL around 95.25 for the TP of 94/93.69.
Resistance
R1- 95.25
R2 - 95.75
R3- 96
Support
S1- 94.85
S2- 94.31
S3- 94
