- Pattern formed – Double Top (102.26).
- Major support –101.40 (21- day EMA).
- U.S. Dollar index formed a double top around 102.26 and decline slightly from that level. It is currently trading around 102.12.
- On higher side, next immediate resistance is around 102.26 (Mar 2nd 2017 high) and any break above will take the index till 102.95 (Jan 1st 2017 high)/103.82 (Jan 3rd 2017 high).
- The major intraday support is around 101.40 (21- day EMA) and any break below targets 100.60/100/99.25 (23.6% fibo).
- Short term bullish invalidation only below 98.
It is good to buy on dips around 102 with SL around 101.40 for the TP of 102.95/103.80
