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Major support- 97.80
US dollar index has formed a double top around 98.75and shown a minor decline The index gained slightly after hawkish fed rate cut but no follow up buying is happening. Euro is holding strongly above 1.1000 on hopes of stimulus by ECB. According to the CME Fed watch monitor tool, the chance of 25 bps rate cut increased to 53.2% from 50.6% one day ago and the probability of 50 bps jumped to 47% from 28%. It hits an intraday low of 98.24 and is currently trading around 98.29.
The near term resistance is around 98.75 and any break above will take the index to high 99.10/99.35 high made on Sep 3rd, 2019. The bullish continuation can be seen only above 99.35.
On the flip side, near term support is around 98.21 (200- 4H MA) and any break below will drag the DXY to level 97.83/97. Major weakness only below 97 levels.
It is good to buy on dips around 98 with SL around 97.70 for the TP of 99.35.
