DXY is trading higher for the past 4 days and jumped more than 350 pips. The jump was mainly due to the outbreak of coronavirus has increased demand for Safe-haven assets like USD. It hits a high of 98.31 and is currently trading 97.80.
US markets declined sharply by 10% despite the injection of 1.5 trillion by the Fed into the financial system. US 10-year bond yield continues to trade higher and recovered more than 150% from a low of 0.36%.
Technically, near -term resistance is around 98 and any violation above will take the index to next level till 98.31/98.60/99.25.
On the flip side, immediate support stands at 97.40 and indicative break below targets 97/96.05 (61.8% fib).
It is good to buy on dips around 97.55-60 with SL around 97.20 for the TP of 98.60/99.
