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Major support- 100
Major resistance- 102
DXY showed a minor jump after US retail sales. It hit a high of 100.84 at the time of writing and is currently trading around 100.80.
|
Date |
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Sep 17th |
12:30 PM |
US |
Core retail sales m/m |
0.10% |
0.20% |
0.40% |
|
|
|
US |
Retail sales m/m |
0.10% |
-0.20% |
1% |
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 67% from 34% a week ago.
On the lower side, near-term support is around 100.50 and violation below will drag the index down to 100/99.57/99/98. Significant resistance is around 101.20 and breach above targets 101.60/102. Overall bearish invalidation is only above 104.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
It is good to sell on rallies around 101.18-20 with SL around 102 for TP of 99.
