Candlestick pattern- Hammer
Ichimoku Analysis (8-hour chart)
Tenken-Sen- 96.52
Kijun-Sen- 97.26
US Dollar index recovered slightly for the day from a 3-month low of 95.98. The overall is trend is slightly neutral and major weakness can be seen only if it breaks 95.85 (200-W EMA). Markets eyes the US fed monetary policy which is to be released today for further direction. U.S CPI came at -0.1% m/m slightly worse than expected 0.0%.
On the flipside, near-term support is around 95.85, and any violation below targets 95.35/94.65. Significant bearishness only if it breaks 94.65.
The immediate resistance is around 96.60, an indicative close above will take the index till 97.15/97.66/98. Any breaks above 100 confirm the bearish reversal, jump till 100.87/101.20 likely.
It is good to buy on dips around 96 with SL around 95.60 for TP of 97.60/98.
