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FxWirePro: US Dollar Index trades weak, good to sell on rallies

  • Major trend line support- 92.35 (trend line joining 92.75 and 92.50).
     
  • DXY is trading extremely weak after breaking major support 92.35. The index declined sharply till 91.75 at the time of writing. It is currently trading around 91.85.
     
  • Technically any close below 92.35 confirm minor weakness and a decline till 91.02 is possible.
     
  • The minor jump on the higher side is possible only above trend line resistance at 93.60. The index should close on daily basis above 93.60 for further jump till 94.25. Short term trend reversal only above 95.25 (38.2% retracement) and any violation above will take the pair to 96/97.50.The minor resistance is around 93.60.

It is good to sell on rallies around 92.55-60 with SL around 93 for the TP of 91.62/91.

 

 

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