Major support- 97
US dollar index has broken major support 97 after a long consolidation. Yesterday index hits low of 97 and shown a minor jump till 97.35.Overall trend is weak and lost more than 120 pips in past 3 trading session. US Fed dovish comments increased hopes of rate cut. The inverted yield curve showing chances of recession in US. The index hits intraday low of 96.96 and is currently trading around 96.98.
The near term major support is around 97 and any convincing break below confirms weakness a decline till 96.42/95.95 likely.
On the higher side, major resistance is around 97.42 (55-- day EMA) and any break above will take the index to next level till 97.80/98/98.25.
It is good to sell on rallies around 97.05-10 with SL around 97.40 for the TP of 95.95.
