US dollar index started to decline after a minor jump to 98 levels. The overall trend is still weak as long as major resistance 98.33 holds. The economic data released this week came mixed for the US with ADP private employment in line with expectations, Chicago PMI and advance GDP below forecast. Markets eye US NFP data for further direction.
The near term major resistance is at 97.40-45 (200- day MA), any convincing move above that level targets 97.80/98.25-33. The bullish continuation can be seen only above 99.67.
The index is struggling to break below 97 levels for the past 2 weeks and break under 97 confirms further weakness, a dip till 96/95.85 possible.
It is good to sell on rallies around 97.75-80 with SL around 98.35 for the TP of 95.85.
