Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 98.11
Kijun-Sen- 97.95
DXY is trading highly volatile in the past two days. The index is showing a movement of 100 pips per day as markets getting panic due to coronavirus. It has formed a minor bottom around 97.45 and jumped to 98.45. It is currently trading around 98.14.
US Fed has reduced its rates to zero and to buy assets worth $700 billion of Treasury bonds and mortgage-backed securities.
Technically, near-term support is at 97.80 and any break below targets 97.40/96.80.Major trend continuation only below 94.60.
On the higher side, immediate resistance stands around 98.80 high made on Mar 13th and indicative break above will take the index till 99.25/99.60.
It is good to sell on rallies around 98.35-40 with SL around 98.80 for the TP of 97.45.
