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FxWirePro: DXY recovers sharply from 20-day MA, any bullishness only bove 97.75

Major support- 96.85 (20- day MA)

 

DXY was trading higher for 2nd consecutive day. The index hits low of 96.88 and shown a good recovery of 70 pips and it has also broken recent high of 97.55 made on Dec 11th 2018.It is currently trading around 97.54.

 

The major trend line resistance is around 97.70 and any further bullish continuation only above that level. Any break above 97.70 will take the index to next level till 98/98.60.

 

The near term major support is around 96.89 (20- day MA) and any violation below will drag the index down till 96.42 (55-day EMA)/95.95.

 

It is good to buy on dips around 97.20-25 with SL around 96.80 for the TP of 98.60.

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