FxWirePro: US dollar index down side capped by 50% fibo, good to sell on rallies

• Major resistance – 94.17 (61.8% fibo).
   
• US dollar index declined sharply till 93.28 after a forming a minor top around 94.22. The index jumped almost 50 pips form the low of 93.28. It is currently trading around 93.48.
   
• 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.