- Major resistance – 93.36-93.65 (100- day MA and 55- day EMA).
- DXY has formed a bottom at 92.50 and showing a minor recovery from that level. The index jumped till 93.51 and is consolidating between 93.49 and 93.04 for past two trading. It is currently trading around 93.37.
- The index should convincingly break above 55- day EMA and any daily close confirms further upside till 94.20 (61.8% retracement of 95.15 and 92.50)/95/95.25 (200- day EMA). Short term bearish invalidation only above 95.25.
- On the lower side, any break below 93 confirms minor weakness. The index should close below 92.59 (61.8% fibo) for further decline till 91.62/91 likely.
It is good to buy on dips around 93 with SL around 92.50 for the TP of 93.65/94.20.