FxWirePro: DXY upside capped by 100-4H MA, good to sell on rallies

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 96.88

Kijun-Sen- 97.10

US Dollar index has once again declined after showing a minor jump till 97.15. Technically in a 4-hour chart, the index has formed a shooting star pattern, and dip to 96.39 is possible. The surge in the stock market especially, the Chinese index has increased optimism of V-shaped recovery. The number of deaths in the U.S  due to coronavirus crossed 130000, but new cases are slightly declining. It hits an intraday low of 96.82 and is currently trading around 96.85.

On the flipside, near-term support is around 96.40, any violation below targets 96/95.72. Significant bearishness only if it breaks 95.70.

The index is trading well below 200 4-H MA at 97.52, an indicative close above will take the index till 98.60/99. Any breaks above 100 confirm the bearish reversal, jump till 100.87/101.20 likely.

It is good to sell on rallies around 97.10-15 with SL around 97.60 for TP of 96/95.75.