Major resistance - 98
DXY has once again taken support near the trend line and shown a minor recovery. The overall trend is still weak as long as the index closes above 98 levels. US headline PCE slowed slightly to 1.3% YoY compared to expectations 1.4% YoY, the core PCE price index came at 1.7% YoY in line with the estimate. The index hits an intraday low of 97.22 and is currently trading around 97.31.
The near term major support for the index is in range of 97-97.20 and any break below that level confirms the continuation of weakness, a dip till 96 is possible.
On the higher side, 97.40 will be acting as a major intraday level to watch, any upside above that level will take the DXY till 97.80/98.
It is good to buy on dips around 97.25-30 with SL around 97 for the TP of 98.
