• FxWirePro: sell US Dollar index on rallies

    ソース: FxWire Pro - Technicals / 09 10 2019 18:50:08   Europe/London

    Major resistance- 99.40

     

    US Dollar has taken support near 21- day MA and shown a recovery of more than 50 pips. Fed Chairman said in a speech yesterday that the central bank is open for another rate cut later this month. According to the CME Fed watch monitor tool, the probability of a 25 bps rate cut has increased from 77% a week ago to 83.9% and the chance of keeping rates on hold declined to 16.1% from 23%. It hits a high of 99.25 and is currently trading around 99.12.

     

    On the flip side, near term support is around 98.60 and minor weakness below that level. Any violation below targets 98.20/98.

     

    The near term major resistance is around 99.40 and bullish continuation only above this level, jump till 100/100.35.

     

    It is good to sell on rallies around 99.15-20 with SL around 99.50 for the TP of 98.60/98.

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