Chart pattern- Triple top
Major resistance - 98.45
DXY has once again failed after hitting a high of 98.44 yesterday. It has formed almost a triple top near 98.45 and further bullishness can be seen only beyond that level. It hits a low of 98.26 at the time of writing and is currently trading around 98.32.
The US 10- year bond yield has formed a minor double bottom at 1.730% and shown a minor recovery till 1.779%. The spread between US 2and 10-year has narrowed to 14.1 bps from 27 bps.
Technically, major support stands around 97.60, any indicative break beneath will drag the index till 97-97.20. The minor support is at 98.20/98.
On the higher side, 98.45 high made on Nov 13th is acting as major intraday resistance and break beyond targets 99/99.65. Major bullish continuation only over 99.67.
It is good to buy above 98.45 with SL around 98.20 for the TP of 99.
