FxWirePro: DXY trades below 100-W MA, dip till 96.40 likely
Ichimoku Analysis (Weekly chart)
US Dollar index continues to trade weak for 3rd consecutive week and lost more than 300 pips till 97.10. The decline was mainly due to broad-based US dollar selling. The number of people filed for unemployment benefits rose to 1.87 million last week, slightly worse than the forecast of 1.80 million.
Markets eye US Non-Farm Payroll data to be released tomorrow for further direction.
On the flipside, near-term support is around 97, and any violation below targets 96.35/96/95.35. Major bearishness only if it breaks 96.35.
The immediate resistance is around 97.65, an indicative close above will take the index till 98/98.15/98.58/98.85. Any breaks above 100 confirm bearish reversal and jump till 100.87/101.20 likely.
It is good to sell on rallies around 97.35-40 with SL around 97.80 for TP of 96.35/95.80.