Major support- 100
Major resistance- 102
DXY showed a minor pullback due to short covering. It hi a high of 101.16 and is currently trading around 101.12.
Market eyes US GDP and Initial jobless claims for further direction.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 65.50% from 68% a week ago.
On the lower side, near-term support is around 100.60 and the violation below will drag the index down to 100/99.57/99/98. Significant resistance is around 101.20, and breach above targets 101.40/101.60/102. Overall bearish invalidation bearish invalidation only above 103.
It is good to sell on rallies around 101.20 with SL around 101.60 for a TP of 99.57/98..
