US Dollar index shown minor jump after forming a temporary bottom around 96.80. It is currently trading around 97.45. Intraday trend is bullish as long as support 97.03 (Hourly Tenkan-Sen) holds. The index has shown a hu…
US Dollar index shown minor jump after forming a temporary bottom around 96.80. It is currently trading around 97.45. Intraday trend is bullish as long as support 97.03 (Hourly Tenkan-Sen) holds.
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. Short term trend is still weak as long as resistance 99.89 (May 11th 2017 high) holds.
The near term resistance is around 97.45 (89 W EMA) and any break 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 97.45 with SL around 97 for the TP of 98.60.
