FxWirePro: US dollar index Daily outlook

Ichimoku Analysis (Daily Chart)

Tenken-Sen- 100.49

Kijun-Sen-98.82

DXY is trading weak for the past 1-week and lost more than 450 pips. It has formed a double top around 102.99 and started to decline from that level. US Fed has given major stimulus of more than $3 trillion in loans and asset purchases to tackle coronavirus.  It hits a low of 100.65 and is currently trading around 100.75.

US President has extended the lockdown till Apr end and warned, "the peak, the highest point of death rate, is likely to hit in two weeks." The demand for Safe-haven assets is supporting DXY at lower levels.

On the flip side, near term support is around 98 and any violation below will drag the index down till 97.40/97/96.54.

The immediate resistance is at 99.25 and any indicative break above targets 99.60/100.

It is good to sell on rallies around 99.25-30 with SL around 99.60 for the TP of 98.15.