FxWirePro:US Dollar Index struggles to close above 103.65, good to sell on rallies
Major Resistance – 103.65 (DEC 20th 2016 high) The U.S dollar index has made slight jump above 103.82 and declined from that level.The index should close above 103.65 for further bullishness and it is currently trading a…
The U.S dollar index has made slight jump above 103.82 and declined from that level.The index should close above 103.65 for further bullishness and it is currently trading around 102.99.
The index is facing resistance around 103.60 and any close above targets 104.80 (161.8% retracement of 103.65 and 101.91)/106.
On the lower side, any break below 101.90 (trend line joining 95.89 and 99.43) will drag the index down till 100.60. The minor support is around 102.90 (10- day MA).
Short term bullish invalidation only below 98.
It is good to buy on dips around 103 with SL around 101.90 for the TP of 104.80/106.
