FxWirePro: US dollar index Intraday trade idea
Ichimoku analysis (Hourly chart)
Tenken-Sen - 98.97
Kijun-Sen- 98.79
DXY continues to trade higher for the day after a massive 70 pips jump yesterday. It breaks major resistance 99.10, high made on Sep 12th, 2019. The slump in EURUSD is strengthening the US dollar index. Markets eye ECB President Draghi speech today for further direction. Any break below 1.09200 in EURSD confirms bearish continuation.
On the flip side, near term support is around 98.80 and any intraday break below will drag the index down till 98.50/98.20. Any break below 97.80-98 confirms bearish continuation.
The near term major resistance is around 99.35 and any major trend reversal only above that level. Any convincing break out targets 99.60/100.
It is good to buy on dips around 98.75-80 with SL around 98.50 for the TP of 99.35
