Major support- 97
US dollar index is trading lower for 3rd consecutive day and declined more than 120 pips. The decline was mainly due to inverted yield curve which confirms recession. The spread between US 10 year and 3 month has widened by 25 basis point from 10 basis point. The index hits intraday low of 97 and is currently trading around 97.23.
The near term major support is around 97 and any violation below will drag the index till 96.75/96.44/95.93.
On the higher side, major resistance is around 97.42 (55-- day EMA) and any break above will take the index to next level till 97.80/98/98.25.
It is good to sell below 97 with SL around 97.40 for the TP of 95.85.
