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2017.04.1708:07:00UTC+00Fxwirepro: US Dollar Index Upside capped by 55- Day Ema , Good to Sell on Rallies
Major support – 98.86 (61.8% retracement of 95.89 and 103.82).
Major resistance – 101.34 (50% retracement of 102.25 and 98.86).
DXY has shown a mild jump till 100.61 and started to decline from that level. The index is facing strong resistance at 55- day EMA . It is currently trading around 100.28.
On the lower side, the minor support is around 100 and any break below 100 will drag the index down till 99.25/98.85 in the short term.
The near term resistance is around 100.70 (55- day EMA) and any break above will take the index till 101.34/101.97/102.25.
It is good to sell on rallies around 100.60 with SL around 101.10 for the TP of 100/99.25.
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