FxWirPro: US Dollar Index faces strong resistance at 89 W EMA, close above targets 98.60

• US Dollar index shown minor weakness after jumping till 97.47. It is currently trading around 97.16.
   
• Short term trend is still weak as long as index not closing above 89 EMA in the weekly chart. The index has shown a huge decline from the high 103.82 and downside capped by 61.8% fibo at 96.40 and bearish continuation can be seen below that level.
   
• The near term resistance is around 97.45 (89 W EMA) and any close above will take the index till 98.60 (support turned into resistance)/ 99.25 (200 MA)/99.89.
   
• On the lower side, major near term support is around 96.40 (61.8% fibo) and any break below will drag the index till 95.91 (Nov 9th 2016 low)/95.

It is good to buy above 97.50 with SL around 97 for the TP of 98.60