Ichimoku Analysis (4-hour chart)
Tenken-Sen- 100.28
Kijun-Sen- 100.07
US Dollar index has once again recovered after hitting a low of 100.08 on Friday. The dollar is trading higher despite dismal US data. The comment from the Fed on negative interest rates and fears of the second wave of coronavirus is supporting the dollar at lower levels. It is currently trading around 100.46.
On the flipside, near-term support is around 100.07 (55-4H EMA), and any violation below targets 99.80/99.50/99. Major bearishness only if it breaks 98.65.
The immediate resistance is around 100.50, an indicative close above will take the index till 100.87/101.20/101.85.
It is good to buy above 100.50 with SL around 100.28 for TP of 101.20.101.20.
