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Chart Pattern- inverse head and shoulder
Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 90.508
Kijun-Sen- 90.465
US Dollar index has formed an inverse head and shoulder pattern in one hour chart. Any break above neckline 91 confirms bullish continuation. The increase in risk aversion due to the surge in coronavirus cases is supporting the US dollar at lower levels. The Fed has kept its rates unchanged as expected. The central bank continues to see downside risk due to coronavirus pandemic and watching progress in vaccination for further action. The US 10-year yield lost more than 15% after forming a multi-year top of around at 1.184%. The intraday trend on DXY is slightly bullish as long as support 89.80 holds.
On the higher side, near-term resistance is around 91, convincing violation above targets 91.50. Significant bullishness only if it closes above 91.50. A jump till 93 likely.
The index is facing strong support at 90.38; any indicative break below will take the index to 90/89.80/89.20.
It is good to buy on dips around 90.45-50 with SL around 90 for TP of 91.49.
