Chart pattern- Double top
DXY has formed double top around 103 and declined nearly on 200 pips The sentiment gets boosted as US senate agreed with White house on a $2tn corona package. This has decreased demand for safe-haven assets like USD, Yen. Markets eye further spread of coronavirus as a major European economy like Spain, Italy has been worst affected. It hits low of 101.07 and is currently trading around 101.34.
On the flip side, near term support is around 101 and any violation below will drag the index down till 100.
The immediate resistance is at 103, any indicative break above targets 103.85/105.
It is good to sell on rallies around 102.15-20 with SL around 103 for the TP of 100.
