FxWirePro: US Dollar Index Trade Idea

Pattern formed- Head and Shoulders
 

Ichimoku (Daily Chart)

Tenken-Sen- 94.93
 

Kijun-Sen -95.64

Trend reversal Level- 94.30

DXY is tding weak for two consecutive days. The pair lost more than 70 pips from the high of 95 level. It hits low of 94.32 and shown a minor recovery. It is currently trading around 94.51.

On the lower side, major support is around 94.31(23.6% fib) and any break below targets 94.

The near term major resistance is around 95 and any violation above will take the index till 95.75/96.25/96.98.

It is good to sell on rallies around 94.60-65 with SL around 95 for the TP of 94./93.25.

Resistance

R1- 95
 

R2 - 95.25
 

R3- 95.75

Support               

S1- 94.30

S2- 93.60

S3- 93.25