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US Dollar Index: Daily outlook

  • DXY has declined till 96.78 at the time of writing after showing a jump till 97.87. It is currently trading around 96.80.
     
  • On the higher side, near term resistance is around 98.16 (trend line resistance joining 101.34 and 99.89) and any break above will take the index till 98.88 (89- day EMA)/99.25.
     
  • On the lower side, major support is around 96.40 (61.8% fibo) and any break below will take the index down till 95.90/95.
     
  • Short term bullish invalidation only below 95.90.


It is good to sell on rallies around 96.85-96.90 with SL around 97.50 for the TP of 96.40/95.90

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