FxWirePro:U.S Dollar Index struggles to close above 103.50, good to buy on dips
Major resistance – 103.60 Major support – 102.30 (7- day EMA). U.S Dollar Index breaks the high of 103.56 and slightly jumped till 103.65. The index has not able to hold at higher levels and a small amount of profit taki…
U.S Dollar Index breaks the high of 103.56 and slightly jumped till 103.65. The index has not able to hold at higher levels and a small amount of profit taking took place after reaching fresh year high. It is currently trading around 103.13.
The index major support stands at 7-day MA around 102.35 and any close below 7- day MA will drag the pair down till 101.94 (10- day MA) /101.49 (21- day MA). Minor weakness can be seen only below 100.65. Break below targets 99.43/98.
On the higher side any break above 103.60 will take the pair till 104.20 (161.8% retracement of 103.56 and 102.52)/105.
It is good to buy on dips around 103.25-103.30 with SL around 102.30 for the TP of 104.20/105.
