Ichimoku Analysis (Weekly chart)
Tenken-Sen- 99.44
Kijun-Sen- 98.82
US Dollar index continues to trade weak for 3rd consecutive week and lost more than 300 pips till 97.10. The decline was mainly due to broad-based US dollar selling. The number of people filed for unemployment benefits rose to 1.87 million last week, slightly worse than the forecast of 1.80 million.
Markets eye US Non-Farm Payroll data to be released tomorrow for further direction.
On the flipside, near-term support is around 97, and any violation below targets 96.35/96/95.35. Major bearishness only if it breaks 96.35.
The immediate resistance is around 97.65, an indicative close above will take the index till 98/98.15/98.58/98.85. Any breaks above 100 confirm bearish reversal and jump till 100.87/101.20 likely.
It is good to sell on rallies around 97.35-40 with SL around 97.80 for TP of 96.35/95.80.
