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US Dollar index faces trend line resistance at 96.40, break above targets 97.60

  • Major resistance – 96.40 (trend line joining 96.14 and 96.31 ).
     
  • Major support – 95.
     
  • The index breaks above 200- day MA and jumped till 96.31 at the time of writing. It is currently trading around 96.18.
     
  • On the higher side, resistance is around 96.40 and any close above targets 97/97.60.
     
  • Short term weakness only below 95.
     
  • On the lower side, major support is around 95.45(21- day MA) and break below targets 94.75 (61.8% retracement of 93.02 and 97.57) /94.07 (61.8% retracement of 91.92 and 97.57).
     
  • Overall trend reversal only below 94.08 (61.8% retracement of 91.92 and 97.57).

It is good to buy on dips around 95.80 with SL around 95 for the TP of 96.40/97.60.

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