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FxWirePro:US Dollar Index upside capped by 55- day EMA,good to buy on dips

  • Major support – 98.86 (61.8% retracement of 95.89 and 103.82).
     
  • Major resistance – 100.70 (55- day EMA).
     
  • DXY has shown a minor decline after jumping till 100.65.It is currently trading around 100.53.
     
  • On the lower side, the minor support is around 100 and any break below 100 will drag the index down till 99.25/98.85 in the short term.
     
  • The near term resistance is around 100.70 (55 –day EMA) and any break above will take the index till 100.97/101.35 (50% retracement of 102.25 and 98.86).

    It is good to buy on dips around 100.10-100.20 with SL around 99.55 for the TP of 101.35/102.
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