Major Resistance - 98
US dollar index is trading higher for the past 3 trading days and jumped nearly 100 pips after 250 pips decline. The index has formed a temporary top around 99.67 and hits low of 97.11 and is currently trading around 97.93.
According to the CME Fed watch tool, the probability of the Fed to keep rates unchanged at 91.9% vs 77.9% 1-week ago.
On the flip side, near term support is around 97.75, any violation below will drag the index down till 97.40/97.
The major resistance is at 98 and violation above that level targets 98.60/99. Major bullish continuation only above 99.67.
It is good to buy above 98 with SL 97.70 for the TP of 98.60/99.
