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FxWirePro: US Dollar index Daily Outlook

Major support- 96.96 (200 day MA)

 

US dollar index has taken support near 200- day MA and trading higher for the past 1- week. The index jumped more than 140 pips from a low of 97.03. It hits a high of 98.40 and is currently trading around 98.39.

 

Short- term trend is bullish as long as support 97.80 holds. The index has closed above 98 levels for the past four trading days and any break above 98.53 will take the index till 98.93. The decline from 103.65 will stop at 88.25 only if the index breaks above 99.25 (trend line resistance).

 

The near term support is around 97.80 (21- day MA) and any violation below will drag the index down till 97.40/96.96. Any daily close below 96.96 confirms bearish continuation.

 

It is good to buy on dips around 98.15-20 with SL around 97.80 for the TP of 99.25.

 

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