Major support- 100
Major resistance- 102
DXY lost its shine after the Fed Chairman's dovish speech at the Jackson Hole symposium. The index was one of the worst performers this week as easing inflation and weak US economic data have increased the chance of a rate cut by the Fed.
On the lower side, near-term support is around 100.60 and the violation below will drag the index down to 100/99.57/98.
Significant resistance is around 101.20, and the breach above targets is 101.60/102. Overall bearish invalidation bearish invalidation only above 103.
It is good to sell on rallies around 101.20 with SL around 102 for a TP of 99.57/98.
