FxWirePro: DXY breaks minor trend line resistance, jump till 94 possible
Ichimoku Analysis (1-hour chart)
Tenken-Sen- 93.33
Kijun-Sen- 93.28
US Dollar index is trading higher and jumped more than 50 pips from a low of 93.01. The uncertainty over extra fiscal stimulus in the US is supporting the US dollar to a greater extent. The Consumer price index rose 0.2% MoM in Sep compared to a forecast of 0.2%. The headline inflation for the year increased by 1.4% vs 1.3% in August. It hits an intraday low of 93.58 and is currently trading around 93.56.
On the flipside, near-term support is around 93, any violation below targets 92.50. Significant bearishness only if it breaks below 91.55.
The index is strong resistance at 94, an indicative break beyond will take the index till 64.65/95/95.70/96.05.
It is good to buy on dips around 93.25-30 with SL around 93 for the TP of 94.
