- US Dollar index declined till 96.96 after hitting a high of 97.50. It is currently trading around 97.06.
- Intraday trend is still weak as long as trend line resistance at 97.45-97.50 holds. Any break above will take the index till 97.78/98.29 (23.6% retracement of 103.82 and 96.52)/98.60 (support turned into resistance).
- The index has shown a huge decline from the high 103.82 and downside capped by 61.8% fibo at 96.40 and bearish continuation can be seen below that level.
- On the lower side, major near term support is around 96.40 (61.8% fibo) and any break below will drag the index till 95.91 (Nov 9th 2016 low)/95.
It is good to sell on rallies around 97.20-97.25 with SL around 97.78 for the TP of 96.40/95.91.
