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Major support- 108.90
Major resistance- 110.30
DXY pared most of its gains after hitting a 20-year high on profit booking. The index was one of the best performers in the past four weeks and surged more than 500 pips in hopes of aggressive rate hikes by the Fed. Markets eye US ISM services PMI for further direction. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep dropped to 61% from 75% a week ago.
On the lower side, near-term support is around 108.90 (23.6% fib) and violation below will drag the index down to 108/107.50. Significant resistance is around 110.30, and breach above targets 111/112. Overall bullish continuation is only above 109.35.
It is good to buy on dips around 109 with SL around 108 for TP of 110.80.
