Major resistance 94.40 (10- day MA)
US dollar index recovered sharply almost more than 50 pips from the low of 93.95 made yesterday. US fed hiked interest rates by 25 bpbs to 2.25%. The Fed’s dot plot expectations shows another rate hike in Dec.
The near term resistance is around 94.74 (20- day MA) and any break above targets 95/95.25. The index should close above 95.75 for further bullishness.
On the lower side, any break below 94.30 (200- H MA) will take the index to next level till 93.95/93.60.
It is good to buy on dips around 94.50-55 with SL around 94.20 for the TP of 95.25.
