- Major resistance – 94.17 (61.8% fibo).
- US dollar index declined sharply after showing a minor jump above 61.8% fibo. The index hits low of 93.33. It is currently trading around 93.48.
- Short term trend is slightly weak as long as resistance at 94.20 holds. Any close above 94.20 will take the DXY to next level till 95/95.15. Overall bearish invalidation only above 95.15.
- On the lower side, near term support stands at 93.35 (50% retracement of 92.50 and 94.22, 15- day MA) and any break below will drag the index till 93/92.50.Bearish continuation can be seen below 91 level.
It is good to sell on rallies around 93.70-75 with SL around 94.21 for the TP of 92.50/91.62.
