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.