FxWirePro:US dollar index forms bullish butterfly pattern, good to buy on dips
Pattern formed: Bullish Butterfly pattern Potential Reversal Zone (PRZ) - 99.90 DXY broken the pschycological level of 100 yesterday and declined till 99.90 yesterday. It is currently trading around 100.40. In the hourly…
DXY broken the pschycological level of 100 yesterday and declined till 99.90 yesterday. It is currently trading around 100.40.
In the hourly chart , DXY has formed a bullish Butterfly pattern and got completed at 99.90 level.
On the higher side, minor resistance is around 100.67 (100- H EMA) and any break above will take the index to next level till 101.40 (38.2% retracement of 103.82 and 99.90)/101.73 (Jan 19th 2017 high).
The major support stands at 99.90 low made yesterday and any break below will drag the index till 99.40/98.60.
It is good to buy on dips around 100.15-100.20 with SL around 99.60 for the TP of 101/101.40.
