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FxWirePro: DXY forms inverse Head and Shoulder pattern, good to buy on dips

Wednesday, November 8, 2017 12:36 PM UTC

Chart pattern formed- inverse Head and Shoulder.
US dollar index has formed inverse head and shoulder in daily chart and is trading well above resistance 94.29 level. The index jumped till 95.15 and is currently trading around 94.91.
On the lower level. Near term major support is around 94.29 and any break below will drag the pair down till 93.83 (100- day MA)/92.75. Overall bullish invalidation only below 91.62.
The near term resistance is around 95.15 (161.8% retracement 94.27 and 92.75) and any break above will take the index till 96.51/97 in the short term.

It is good to buy on dips around 94.80-94.85 with SL around 94.28 for the TP of 96.50/97.

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FxWirePro: DXY forms inverse Head and Shoulder pattern, good to buy on dips

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