- US Dollar index declined continuously for the past four trading session .The index has formed a temporary top around 99.12 on Oct 10th 2016 high. It is currently trading around 97.36.
- On the lower side 97.40 (23.6% retracement of 91.92 and 99.12) will be acting as major support and any break below targets 96.10 (50- day MA)/95.82 (200- day MA) in the short term.
- The top formed at 99.15 will be acting as major resistance and any break above confirms further bullishness, a jump till 99.80 (161.8% retracement of 97.57 and 94.07)/100.50 (Nov 30th high) is possible. The minor resistance is around 97.53 and break above will take the index till 98.14 (daily Tenken-Sen)/98.60.
- Short term bullish invalidation only below 95 level.
It is good to sell on rallies around 98 with SL around 99.15 for the TP of 96.10/95.85
