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FxWirePro: DXY breaks major support at 97.85, dip till 97.20 likely 

 

DXY breaks major support 97.85 after EU-UK announced a draft of a new Brexit deal hours before a summit of all 29 EU national leaders. The index hits a low of 97.50 and shown a minor recovery. The weakness in US retail sales has increased the chance of rate cuts by the Fed. Markets eye US Philly fed manufacturing for further direction.

The near- term support is around 97.50 and any violation below will drag the index down till 97.20/96.65 is possible.

On the higher side, major intraday resistance is around 97.85 and any break above targets 98.25/98.70. Minor trend reversal possible only above 98.70.

It is good to sell on rallies around 97.80-85 with SL around 98.20 for the TP of 96.75.
 
 

By Rangarajan Hariharan
  • Market Data
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