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Major Support- 98 (55- day EMA)
DXY is trading higher for 2nd consecutive days and jumped more than 50 pips from 98.31. The index has formed a temporary top around 99.35 and declined till 97.86 (almost a double bottom). The escalation of geopolitical tension in the Middle East after the attack on the drone in Saudi is supporting the dollar at lower levels. It is currently trading around 98.71.
According to the CME Fed watch tool, the chance of 25 bps rate cut has declined from 55.1% 1 day ago to 48.7% and 50 bps cut increased to 51.3% from 44.9%.
On the flip side near term, major support is around 98.35 (21- day MA) and any break below will drag the index till 98/97.85 is possible. Major weakness only below 97.85.
The near term resistance is around 98.75 and any violation above targets 99.10/99.35.
It is good to buy on dips around 98.50-55 with SL around 98 for the TP of 99.35/100.
