Major support- 100
Major resistance- 102
DXY trades flat on holiday mood in the US. It hit a high of 101.74 and is currently trading around 101.677.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 69% from 68% a week ago.
On the lower side, near-term support is around 101.40 and violation below will drag the index down to 101/100.60/100/99.57/99/98. Significant resistance is around 102 and breach above targets 102.75/103.22. Overall bearish invalidation is only above 104.
It is good to buy on dips around 101.20-25 with SL around 100.60 for a TP of 102.70.
