US Dollar index breaks major resistance 98.60 and closed slightly above that level in the previous week. It is currently trading around 98.75.
The index has formed Golden Crossover (50-day MA moves above 200- day MA) and this confirms major trend reversal, jump till 100.50 (Nov 30th high) is possible.
On the lower side 97.20 (23.6% retracement of 91.92 and 98.85) will be acting as major support and any break below targets 95.85 (200- day MA)/95 in the short term. The minor support is around 98.30 (5- day MA) /98.07 (10- day MA).
The top formed at 98.85 will be acting as major resistance and any break above confirms further bullishness, a jump till 99.80 (161.8% retracement of 97.57 and 94.07)/100.50 (Nov 30th high) is possible.
It is good to buy on dips around 98.10-98.20 with SL around 97.20 for the TP of 99.80/100.50
The index has formed Golden Crossover (50-day MA moves above 200- day MA) and this confirms major trend reversal, jump till 100.50 (Nov 30th high) is possible.
On the lower side 97.20 (23.6% retracement of 91.92 and 98.85) will be acting as major support and any break below targets 95.85 (200- day MA)/95 in the short term. The minor support is around 98.30 (5- day MA) /98.07 (10- day MA).
The top formed at 98.85 will be acting as major resistance and any break above confirms further bullishness, a jump till 99.80 (161.8% retracement of 97.57 and 94.07)/100.50 (Nov 30th high) is possible.
It is good to buy on dips around 98.10-98.20 with SL around 97.20 for the TP of 99.80/100.50