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FxWirePro: US Dollar Index faces strong trend line resistance at 98.15, good to buy on dips

  • 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.

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