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 a…
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.
