US Dollar index Trade Idea

• Major resistance- 97.02 (trend line joining 98.57 and 97.57).
   
• Major support – 96.40 (resistance turned into support).
   
• US Dollar index has jumped sharply after declining till 96.40 on account of softer than expected US NFP jobs data.
   
• The index has once again broken the high made on Oct 7th 2016 today European session and jumped till 97.27 at the time of writing.
   
• On the higher side, resistance is around 97.60 and any indicative break above will take the pair to 98/98.60 in the short term.
   
• The index’s support stands around 96.40 and any break below that level will drag the pair down till 95.90/95.40.

It is good to buy on dips around 97 with SL around 96.40 for the TP of 97.60/98.55.

Resistance

R1-97.60

R2-98

R3-98.60

Support               

S1-96.40

S2-95.90

S3-95.40