FxWirePro:US Dollar Index Trade Idea

US dollar index has broken major resistance around 95.65 high made on Jul 19th 2018 after a long consolidation. Overall trend is bullish as long as support 94.30 holds.

DXY has shown good break out and a further jump is expected after a minor consolidation. The index is going to close above 95 level after a long time. The previous time it has crossed 95 level for two times but closed slightly below 95 level. So weekly close above will take the index to next level till 97.87 in short term. The minor resistance are 96.40/97.

On the lower side, near term support is around 95.60 (23.6% fibo 92.96 and 96.17) and any break below targets 95.30 (200- W MA)/94.30-40 (23.6% fib and 10 W MA).

It is good to buy on dips around 95.50-60 with SL around 95 for the TP of 97/97.50.

Resistance

R1- 96.25
 

R2 - 97

R3- 97.50

Support               

S1- 95.60

S2- 95.10

S3- 94.30