FxWirePro: US Dollar index faces strong resistance at 94.20, break above targets 95/95.15.
Major resistance – 94.20 (61.8% retracement of 95.15 and 92.50). DXY has broken resistance at 93.75 and jumped till 94.05 at the time of writing. It is currently trading around 94.01 The index is trading slightly above 5…
Major resistance – 94.20 (61.8% retracement of 95.15 and 92.50).
DXY has broken resistance at 93.75 and jumped till 94.05 at the time of writing. It is currently trading around 94.01
The index is trading slightly above 50- day MA and any break above 94.20 (61.8% fibo) confirms further upside till 95/95.25 (200- day EMA). Short term bearish invalidation only above 95.25.
On the lower side, any break below 93 confirms minor weakness. The index should close below 92.59 (61.8% fibo) for further decline till 91.62/91 likely. The near term support is around 93.40.
It is good to buy on dips around 93.65-70 with SL around 93.40 for the TP of 94.20/95.
