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DXY, H4, Potential for dips

34098 dxy h4 potential for dips

Type: Bearish ReversalKey Levels:Resistance: 98.486Pivot: 98.104Support: 97.411Preferred Case:Prices are at a key resistance at our pivot at 98.104 which is an area of Fibonacci confluences. We see the potential for a short pullback from our Pivot at 98.104 in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and 161.8% Fibonacci Projection towards our 1st support at 97.411 in line with 23.6% Fibonacci retracement. Divergence is spotted on RSI, further supporting our bearish bias.Alternative Scenario:Alternatively, prices may climb higher towards our 1st resistance at 98.486 in line with 200% Fibonacci Projection.

Source: Tickmill

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