FxWirePro: Sell DXY on rallies
Ichimoku Analysis (4-hour chart)
US Dollar index continues to trade weak for 2nd consecutive days and lost more than 60 pips from yesterday's high 97.15. But the index showed a minor recovery after Texas and California with more than 10000 new cases. The number of deaths in the U.S due to coronavirus 134140. It hits an intraday low of 96.48 and is currently trading around 96.52.
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 96.55-60 with SL around 97.05 for TP of 95.75.