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 hug…
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
