FxWirePro: DASH/USD finds strong support at 100-DMA (697), good to go short on break below

• DASH/USD is extending downside for 3rd successive session, down 2.68% on the day.
   
• The pair remains capped below 5-DMA at 815, intraday bias bearish.
   
• 100-DMA at 698 is strong support on the downside, break below will see further drag.
   
• Technical studies are bearish. RSI and Stochs are biased lower.
   
• Price action slumps lower in downward slopping channel, capped below major EMAs.
   
• We see scope for test of channel base at 660 levels. Violation there could see further weakness.
   
• On the upside, breakout and close above 5-DMA could see retrace upto 20-DMA at 968. Bearish invalidation on retrace above 20-DMA.

Support levels - 698 (100-DMA), 611 (Jan 17 low), 600 (Nov 28, 29 low), 546 (78.6% Fib retrace of 252.50 to 1625 rally)

Resistance levels - 776 (61.8% Fib), 800, 816 (5-DMA)

Recommendation: Good to short break below 100-DMA (698), SL: 820, TP: 600/ 550/ 500.

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