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FxWirePro: Sell DXY on rallies
Chart pattern- Hidden divergence
Ichimoku Analysis (1-hour chart)
US Dollar index has shown a massive jump of more than 50 pips on broad-based US dollar buying. The rising number of coronavirus cases and uncertainty on elections has increased demand for Safe-haven assets like the dollar. The chance of lockdown in Germany and France is dragging the European stock markets. It hits an intraday high of 93.64 and is currently trading around 93.45.
On the higher side, near-term resistance is around 94, any convincing violation above targets 94.60/95. Significant bullishness only if it breaks above 94.
The index is facing strong support at 93.20, an indicative break below will take the index till 92.65/92.50. Minor bullish continuation only below 91.70.
It is good to sell on rallies around 93.54-55 with SL around 94 for the TP of 92.51.