FxWirePro: US Dollar Index breaks major support at 98.50, good to sell on rallies
The index formed a minor top around 99.89 and declining from its high. DXY has broken major support at 98.50 and this confirms minor trend reversal, a decline till 98/97.25. It has declined till 98.25 and is currently tr…
The index formed a minor top around 99.89 and declining from its high. DXY has broken major support at 98.50 and this confirms minor trend reversal, a decline till 98/97.25. It has declined till 98.25 and is currently trading around 98.29.
On the higher side, US dollar index should close above 99.25(200 day MA) for further bullishness.
Any break above will take the index till 99.89/100.55/101.35.The near term major support is around 98.50 and any break below will drag the index down till 98/97.33 (161.8% retracement of 98.50 and 99.89).
It is good to sell on rallies around 98.55-98.60 with SL around 99.25 for TP of 97.25
