US Dollar Index Futures (DX1!), H1 Potential for Bullish rise
Type : Bullish Rise
Resistance : 103.960
Pivot: 102.925
Support : 102.240
Preferred Case: On the H1, price is moving above the ichimoku cloud and along the ascending trendline which supports our bullish bias that price will rise from the pivot at 102.925 where the swing low support is to the 1st resistance at 103.960 in line with the swing high resistance, 127.2% fibonacci extension and 100% fibonacci projection
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 102.240 in line with the overlap support and 78.6% fibonacci projection.
Fundamentals: The CPI is forecast to rise by 0.7 percent from the previous month's 0.3 percent, but this is unlikely to affect the two 50-basis-point rate rises already factored in for June and July. This gives us a weak bullish view for the US Dollar Index Futures.
Resistance : 103.960
Pivot: 102.925
Support : 102.240
Preferred Case: On the H1, price is moving above the ichimoku cloud and along the ascending trendline which supports our bullish bias that price will rise from the pivot at 102.925 where the swing low support is to the 1st resistance at 103.960 in line with the swing high resistance, 127.2% fibonacci extension and 100% fibonacci projection
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 102.240 in line with the overlap support and 78.6% fibonacci projection.
Fundamentals: The CPI is forecast to rise by 0.7 percent from the previous month's 0.3 percent, but this is unlikely to affect the two 50-basis-point rate rises already factored in for June and July. This gives us a weak bullish view for the US Dollar Index Futures.
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