FxWirePro: US Dollar index Trade Idea

Major resistance  94.40 (10- day MA)

US dollar index recovered sharply almost more than 50 pips from the low of 93.95 made yesterday. US fed hiked interest rates by 25 bpbs to 2.25%. The Fed’s dot plot expectations shows another rate hike in Dec.

The near term resistance is around 94.74 (20- day MA) and any break above targets 95/95.25. The index should close above 95.75 for further bullishness.

On the lower side, any break below 94.30 (200- H MA) will take the index to next level till 93.95/93.60.

It is good to buy on dips around 94.50-55 with SL around 94.20 for the TP of 95.25.

R1- 94.75
 

R2 - 95.25

R3- 95.75

Support               

S1- 94.30

S2- 93.95

S3- 93.60