FxWirePro:DXY major weakness below 100.60, good to sell on rallies
Major support – 100.60 Potential Reversal Zone (PRZ)- 100.30. DXY formed a bottom around 100.72 and jumped slightly from that level. It is currently trading around 101.16. The index major bottom is at 100.60 and any brea…
DXY formed a bottom around 100.72 and jumped slightly from that level. It is currently trading around 101.16.
The index major bottom is at 100.60 and any break below will drag the U.S dollar index till 100/99.45 (Dec 8th 2016 low).Any close below the low made on Dec 8th 2016 confirms further weakness , a decline till 95.89 (Nov 11th 2016 low)/95.
The high made on Jan 11th 2017 (102.95) will be acting as minor resistance and above that level it will reach till multi-year high formed at 103.85.The minor resistance is around 101.90 (38.2% retracement of 103.82 and 100.72).
It is good to sell on rallies around 101.55-60 with SL around 102.60 for the TP of 100.65/99.45
