FxWirePro: DXY trades weak, any break below 93 targets 92.50/92
Ichimoku Analysis (1-hour chart)
Tenken-Sen- 93.25
Kijun-Sen- 93.25
US Dollar index is trading weak and declined more than 90 pips from a high of 93.90. The hopes of a US stimulus package before elections have decreased the demand for Safe-haven like the dollar, gold. With no major economic data, this week markets eye the US Presidential election debate for further direction. It hits an intraday low of 92.99 and is currently trading around 93.08.
On the flipside, near-term support is around 93, any convincing violation below targets 92.50. Significant bearishness only if it breaks below 91.55.
The index is strong resistance at 93.20 (Support turned into resistance), an indicative break beyond will take the index till 93.60/94. Minor bullish continuation only above 94.
It is good to sell on rallies around 93.15-17 with SL around 93.35 for the TP of 92.50.
