Ichimoku Analysis (4-hour chart)
Tenken-Sen- 93.08
Kijun-Sen- 93.18
US Dollar index continues to trade weak after a minor jump to 93.45. The hawkish ECB policy statement pulled Euro above 1.1900 levels yesterday. The Euro, which has more weightage in the US Dollar index is putting pressure on DXY at higher levels. Markets eye US CPI data released today for further direction. It hits an intraday low of 93.11 and is currently trading around 93.12.
On the flipside, near-term support is around 92.66, any violation below targets 92.52/92. Significant bearishness only if it breaks below 91.55.
The index is struggling to close above 200- H EMA at 93.45, an indicative break beyond will take the index till 93.66/94/94. Any breaks above 94 confirm the bearish reversal, jump till 94.85 likely.
It is good to sell on rallies around 93.25-30 with SL around 94 for TP of 91.52.
