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FxWirePro: Buy US dollar index on dips
Major support- 97.80
US dollar index is consolidating in a narrow range between 97.86 and 98.74 for the past 3 trading days. Markets eye US Fed monetary policy and dot pot for further direction. According to the CME Fed watch monitor tool, the chance of 25 bps rate cut increased to 61.2% from 48.5% one day ago and the probability of keeping rates on hold declined to 38.8% from 51.2%%. It hits an intraday high of 98.50 and is currently trading around 98.36.
The near term resistance is around 99 and any break above will take the index to high 99.35 made on Sep 3rd, 2019. The bullish continuation can be seen only above 99.35.
On the flip side, near term support is around 98.21 (21- day MA) and any break below will drag the DXY to level 97.83/97. Major weakness only below 97 levels.
It is good to buy on dips around 97.85-90 with SL around 97.40 for the TP of 99.35.