The USD index is generating positive divergence signals in the hourly chart. The price has been making lower low in the four-hour chart.The USDX inched higher probably made a double bottom at 93.89. The index closed and was trading below hourly moving averages, but bullish crossover took place in teh four-hour chart. Technical indicators are providing mixed signals. Intraday resistance is seen at 94.75. Support is found at 93.90. The lower lows and lower highs still exist. The positional picture favors bears aiming for 93.25 and 93.00, which is our near-term target.
The USD have been softening in the recent days. USD is trading higher against JPY. The recent USD rally against JPY, CAD, SGD, and CHF failed to support the bullish view in the near term. But only this pair has been sustaining in the structural bullish view. We have been recommending buying with sl 118.00 later moved the TSL at 118.50 100DEMA. The pair had probably made a double bottom at 118.30 and changed the direction. A daily close is seen above 121.00. Bulls will aim fresh new highs at 122.00 and 122.60. For an intraday view, we recommend buying above 120.30 with an immediate target at 120.50, a later targer at 120.80 and 121.00/121.10. Resistance is seen at 119.95 50Dsma. At the yesterday session, the pair rejected at 61.8 FE 120.30 fell and closed below 50Dsma. The price is likely to re-test 119.60 and 119.40 today before inching above 120.30. So, we might see a sub at 119.00.
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