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FxWirePro: Buy DXY on Dips
Ichimoku Analysis (4-hour chart)
DXY has shown massive recovery of more than 150 pips from a low of 98.27 as coronavirus spread increased demand for Safe-haven like US Dollar. Italy has shown more 812 deaths due to Coronavirus, but several newly infected cases have fallen drastically. In the U.S the total number of death crossed 3000, report cases climbed to 163000. The index hits intraday high of 99.95 and is currently trading around 99.86.
The immediate resistance is at 100.04 (38.2% fib), any indicative break beyond targets 100.59/101/101.82. Significant trend continuation only above 103.
On the flip side, near-term support is around 99.50 and any violation underneath will drag the index down till 99.30/99.
It is good to buy on dips around 99.65-70 with SL around 99.30 for the TP of 101.