Major resistance – 94.17 (61.8% fibo). US dollar index has shown a minor jump till 94.03 and started to decline from that level. The pair has formed minor top around 94.22. The index jumped almost 35 pips from 94.03 high…
US dollar index has shown a minor jump till 94.03 and started to decline from that level. The pair has formed minor top around 94.22. The index jumped almost 35 pips from 94.03 high made on Friday. It is currently trading around 93.69.
Short term trend is slightly weak as long as resistance at 94.20 holds. Any close above 94.20 will take the DXY to next level till 95/95.15. Overall bearish invalidation only above 95.15.
On the lower side, near term support stands at 93.28 (50% retracement of 92.50 and 94.22) and any break below will drag the index till 93/92.50.Bearish continuation can be seen below 91 level.
It is good to sell on rallies around 93.70-75 with SL around 94.21 for the TP of 92.50/91.62.
