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FxWirePro:DXY breaks major resistance around 97.71, jump till 98.60 likely

Major resistance -97.71

US dollar index has broken major resistance 97.71 high made on Mar 7th 2019 after a long consolidation.The index has formed a minor bottom around 95.76 and shown a nice recovery .DXY has taken support near 55 day EMA and is currently trading around 97.78.

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

The near term support is around 97.50 and any break below will drag the index till 97.17 (20- day MA)/96.75.

It is good to buy on dips around 97.50-55 with SL around 97.17 for the TP of 98.20/98.60.

 

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