FxWirePro: US Dollar Index Trade Idea

• DXY has declined till 97.43 after showing a jump till 97.87. It is currently trading around 97.53.
   
• On the higher side, near term resistance is around 98.16 (trend line resistance joining 101.34 and 99.89) and any break above will take the index till 98.88 (89- day EMA)/99.25.
   
• On the lower side, major support is around 96.40 (61.8% fibo) and any break below will take the index down till 95.90/95.
   
• Short term bullish invalidation only below 95.90.
  
  It is good to buy on dips around 97.40 with SL around 97 for the TP of 98.07/98.80.

Resistance
                   

R1-98.15
                               

R2 -98.80
 

R3- 99.25
 

Support   
 

S1-97
 

S2-96.40

 

S3-95.90