Ichimoku Analysis (1-hour chart)
Tenken-Sen- 92.54
Kijun-Sen- 92.43
US Dollar index has shown a good recovery of more than 50 pips on rising new coronavirus cases. The number of deaths in the US crossed 250K due to covid-19 and the shutdown of schools in New York is supporting the US dollar at lower levels. The US housing starts came well above expectations at 1.53 million units last month. The building permits flat at 1.55 M vs forecast of 1.57 million units. Markets eye US Philly fed manufacturing index, unemployment benefits for further direction. It hits an intraday high of 92.66 and is currently trading around 92.62.
On the higher side, near-term resistance is around 92.66 (200- H MA), any convincing violation above targets 93/93.20. Significant bullishness only if it closes above 93.20.
The index is facing strong support at 92, an indicative break below will take the index till 91.70/91.
It is good to buy on dips around 92.35-40 with SL around 92 for the TP of 93.20.
