Major support - 95.70 (trend line support)
DXY was trading lower for pat 10 days and has lost more than 2% from high of 97.71. The decline was mainly due to easing US-China trade tensions and dovish Fed. Fed dot plot shows that there will not be any rate hike in 2019 and one in 2020.The index hits low of 95.74 and jumped till 96.63. It is currently trading around 96.29.
On the lower side, it should break 95.75 (trend line joining 93.81 and 95.03) and any violation below will drag the DXY till 95.36 (300- day EMA)/95.03.
The near term resistance is 96.60 (20- day MA) and any close above will take the 96.96/97.37.The index should clear major resistance 97.71 for further bullishness.
It is good to sell on rallies around 96.60-65 with SL around 97.37 for the TP of 95.05
