Ichimoku Analysis (1-hour chart)
Tenken-Sen- 93.77
Kijun-Sen- 93.71
US Dollar index has shown a massive jump of more than 100 pips on broad-based US dollar buying. The better than expected US advance GDP and jobless claims are supporting the US dollar. The US Q3 advance GDP rose to a record 33.1% annualized pace compared to forecast 32. %. The number of people who have applied for unemployment benefits declined to 751K vs estimate of 763K. It hits an intraday high of 94.10 and is currently trading around 94.05.
On the higher side, near-term resistance is around 94.20, any convincing violation above targets 94.60/95. Significant bullishness only if it closes above 94.
The index is facing strong support at 93.40, an indicative break below will take the index till 93/92.65/92.50. Minor bullish continuation only below 91.70.
It is good to buy on dips around 93.80-85 with SL around 93.40 for the TP of 95.
