HomeLive CommentsDollar index might draw support from 95.8 projection level, on oversold condition

Dollar index might draw support from 95.8 projection level, on oversold condition

ActionForex
By ActionForex

Dollar index dropped further to close at 96.32 yesterday, mainly due to decline in USD/JPY this time. More pressure is likely to be seen today as EUR/USD looks set to resume recent rise through 1.1383 temporary top. while USD/JPY is still on track to 107.08 support and below.

For now, considering oversold condition in daily RSI, we might seen some support around 100% projection of 102.99 to 98.27 from 110.55 at 95.83 to contain downside. Break of 97.06 minor resistance would bring recovery back towards 55 day EMA (now at 98.89). But firm break of 95.83 might bring further downside acceleration through 94.65 support.

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