Major Support- 97.40
Ichimoku Analysis (Hourly chart)
Tenken-sen- 97.54
Kijun-Sen- 97.50
DXY trades in a narrow range between 97.37 and 97.84 for the past 5 trading days. It hits an intraday high of 97.60 and is currently trading around 97.51.
Markets are very silent and any major move cane is seen only after the US Fed meeting. The central bank is expected to keep rates unchanged after three consecutive rate cuts. Investors eye press conference and dot plot for further direction.
On the flips side, major support stands at 97.40 any convincing break below will drag the index to the next level 97/96.60.
Major intraday trend reversal can be seen only if DXY closes beyond 97.75 (200-H MA), a jump till 98/98.25/98.60 likely.
It is good to sell on rallies around 97.75-80 with SL around 98.25 for the TP of 97.
