Ichimoku Analysis (1-hour chart)
Tenken-Sen- 93.55
Kijun-Sen- 93.63
US Dollar index continues to trade weak after a minor consolidation. The index recovered nearly 150 pips from minor bottom 92.55. The declining US 10- year yield is putting pressure on the US dollar index at higher levels. The number of cases in the U.S due to coronavirus crossed 4.8 million and deaths at 159261. It hits an intraday high of 93.27 and is currently trading around 93.56.
On the flipside, near-term support is around 93.25, any violation below targets 93/92.55. Significant bearishness only if it breaks below 92.50.
The index is struggling to close above 200- H EMA at 93.86, an indicative close above will take the index till 94.54/95.15. Any breaks above 95.80 confirm the bearish reversal, jump till 97 likely.
It is good to sell on rallies around 93.75-80 with SL around 94.20 for TP of 92.55.
