Chart pattern- Double top
As per our analysis, DXY is trading weak for the past 2 trading days. It has formed a temporary top around 102.99 and lost more than 150 pips. The U.S Senate has passed a $2tn coronavirus disaster bill and send it to the house where it will get approved on Friday. This stimulus has decreased demand for safe-haven assets like USD, Yen. It hits a low of 100.65 and is currently trading around 100.75.
On the flip side, near term support is around 100.61 and any violation below will drag the index down till 100/99.02.
The immediate resistance is at 101.20 and any indicative break above targets 101.80/103.
It is good to sell on rallies around 101.35-40 with SL around 102.20 for the TP of 99.
