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Instrument: USDIDX
Bullish Preference:
A buy position is envisaged if the price trades above 102.468 With Take profit at 102.519
Bearish Preference:
A sell position is envisaged if the price trades below 102.271 with Take profit at 102.225
Fundamentals:
No high impact bearing to this instrument
Comment:
The dollar eased on Wednesday after data showed the Chinese economy slipped into deflation last month, which upped the chances for the government to roll out extra stimulus measures and nudged investors into risk assets. Dollar selling by state-owned Chinese banks helped the yuan rally from a one-month low and also the Chinese central bank’s stronger-than-expected exchange-rate fixing at 7.1588 per dollar before the open signalled its discomfort with the yuan’s recent declines.
Analysis: SCRUM Team
