FxWirePro: DXY Daily Outlook
Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 90.66
Kijun-Sen- 90.97
US Dollar index is trading weak after forming a minor top around 91.60. The coronavirus vaccine progress and optimism over huge fiscal stimulus have decreased demand for safe-haven assets like the US dollar. Markets eye US CPI, Fed Powell speech today for further direction. The index has shown a minor decline below 200-4H MA (90.38) and is currently trading around 90.403.
The near term resistance is around 90.70 convincing close above confirms minor bullishness. A jump to 91/91.60 likely.
The index facing strong support at 90.25; any indicative break below will take the index to 90/89.20/88.53.
It is good to buy on dips around 90.25-30 with SL around 90 for a TP of 91.60.
