Chart pattern- Bearish divergence
DXY is trading higher for the past 2-weeks and hits 3-year high. US Fed QE is in record pace to counter coronavirus impact on economic growth. The central bank cuts rates to zero and bought $700 billion worth treasuries yesterday. It jumped till 102.99 and is currently trading around 101.85.
On the flip side, near term support is around 101.25 and any violation below will drag the index down till 100.80/100.
The immediate resistance is at 103 and any indicative break above targets 103.85/105.
It is good to sell on rallies around 102.15-20 with SL around 103 for the TP of 100.
