FxWirePro: DXY trades well above 200-day MA, jump till 98.60 likely

US dollar index trading higher for 4th consecutive days and jumped more than 50 pips on broad-based US dollar buying. The outbreak of coronavirus has increased demand for Safe-haven assets like yen and dollar. Markets eye US CB consumer confidence and Durable goods order data for further direction. It hits an intraday high of 98.05 and is currently trading around 98.05.

According to the Fed watch tool, the probability of rates to be unchanged has increased to 87.5% from 87.3% and the chance of 25 bps rate declined to 12.7% from 13.3%.

On the flip side, near term support is at 97.70 and any violation below will drag the index down till 97.30/97.

The index is trading above 98 and a jump till 98.25/98.60 likely.

It is good to buy on dips around 97.80-85 with SL around 97.60 for the TP of 98.60.