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FxWirePro:DXY Daily Outlook

Major resistance -97.71

US dollar index is consolidating after hitting high of 97.49. Previously index made high of 97.52 on Apr 2nd 2019 and shown a decline till 96.75 level.DXY has taken support near 55 day EMA and is currently trading around 97.34.

On the higher side, any break above 97.71 confirms trend reversal and a jump till 98.43/98.60 is possible.

The near term support is around 96.80 (55- day EMA) and any break below will drag the index till 96.40/95.95.

It is good to buy on dips around 97.10-15 with SL around 96.70 for the TP of 98.20.

 

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