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Major support- 100
Major resistance- 102
DXY halted its bearish trend after massive sell-off yesterday. It hit a low of 100.89 yesterday and is currently trading around 101.05.
Markets eye UoM consumer sentiment and inflation expectations.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 43% from 30% a week ago.
On the lower side, near-term support is around 100.50 and the violation below will drag the index down to 100/99.57/99/98. Significant resistance is around 102 and breach above targets 102.75/103.22. Overall bearish invalidation is only above 104.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
ADX- Neutral
It is good to sell on rallies around 101.40-42 with SL around 102 for a TP of 100/99.60.
