FxWirePro- DXY Daily Outlook
Major support- 101.60
Major resistance- 102.50
DXY showed a minor pullback to 102.44 after hawkish Fed meeting minutes. It has pared most of its gains on upbeat market sentiment. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Jul jumped to 88% from 76.5% a week ago. Markets eye US PCE and GDP for further direction.
On the lower side, near-term support is around 101.60 and violation below will drag the index down to 101/100. Significant resistance is around 102.50, and breach above targets 103/104. Overall bullish continuation only above 105.
It is good to sell on rallies around 102.38-40 with SL around 103 for TP of 100.