FxWirePro: US Dollar index breaks another key resistance at 95, jump till 97.85 likely
US Dollar index has failed to breach 95 level for the past two times and declined from that level. The index hits high of 95.15 on Oct 27th 2017 and declined till 88.25. After 8 months of consolidation index has broken 9…
US Dollar index has failed to breach 95 level for the past two times and declined from that level. The index hits high of 95.15 on Oct 27th 2017 and declined till 88.25. After 8 months of consolidation index has broken 95.15 and jumped till 95.27. US Dollar index has closed above 95 level on closisng basis yesterday and any consective close above 95 will confirm further bullishness.
On the higher side, a jump till 96.05 (50% retracement)/97.85 (61.8% fibo) is possible. The near term support stands around 94.35 (7- day MA) and any break below will drag the index till 93.95 (daily Kijun Sen)/93.50 (34- day EMA)/92.45 (55- day EMA).
It is good to buy on dips around 94.85-90 with SL around 94 for the TP of 97.85/98.
