FxWirePro: DXY trades above 50-day ma, jump till 99 likely
Source: FxWire Pro - Technicals / 08 Nov 2019 08:59:59 America/New_York
Major Resistance - 98.30-35
US dollar index is trading higher for the past 5 trading days and jumped more than 50 pips from yesterday's low of 97.82. The index has formed a minor bottom around 97 levels and any major weakness can be seen only beneath that level. It hits a high of 98.33 and is currently trading around 97.93.
According to the CME Fed watch tool, the probability of the central bank to keep rates unchanged at 94.8% vs 88.2% 1-week ago.
On the flip side, near term support is around 98.03, any violation below will drag the index down till 97.70/97.40. Major bearish renewal only under 97 levels.
The major resistance is at 98.30-35, violation above that level targets 98.60/99. Major bullish continuation only over 99.67.
It is good to buy on dips around 98.15-20 with SL 97.75 for the TP of 99.© FxWire Pro 2019. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.