FxWirePro:US Dollar Index upside capped by 38.2% fibo, good to buy on dips
Monday, February 13, 2017 12:55 PM UTC
- Major support – 99.25
- Major intraday resistance –101.02 (Feb 7th 2017 high and 38.2% retracement of 103.82 and 99.23).
- U.S. Dollar index has once again slightly declined after jumping till 101.02. It is currently trading around 100.77.
- On the higher side, any break above 101.02 (Jan 30th 2017 high) will take the index till 101.73/102.06 (61.8% retracement of 103.82 and 99.23).
- The major support is around 100.40 (21- day MA) and any break below targets 100/99.25 (23.6% fibo)/98.85/98.30.
- Short term bullish invalidation only below 98.
It is good to buy on dips around 100.60 with SL around 100 for the TP of 101.02/101.75.
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