US Dollar index recovered till 97.48 after making a low of 96.52. It is currently trading around 97.44. Short term trend is still weak as long as index not able to break above 98.29 (23.6% fibo). The index has shown a hu…
US Dollar index recovered till 97.48 after making a low of 96.52. It is currently trading around 97.44.
Short term trend is still weak as long as index not able to break above 98.29 (23.6% fibo). 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 97.78 (May 30th 2017 high) and any close above will take the index till 98.29 (23.6% retracement of 103.82 and 96.52)/98.60 (support turned into resistance).
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 on dips around 97.15-97.20 with SL around 96.50 for the TP of 98.25/98.60
