Dollar index extends weakness as better than feared US data boost risk appetite

The dollar index extends weakness to new two-month low on Thursday as markets hold in risk-on mode as less bad than feared US jobless claims and durable goods data partially offset negative impact from GDP data which showed that suggest that the US economy contracted slightly more than expected in the first quarter.
This suggests that the worst of coronavirus has past and builds optimism among traders, who turn towards riskier assets.
The index generated negative signal on break and close below strong support at 99.20 (daily cloud base / 50% retracement of 94.59/103.80 ascend) with fresh losses eyeing next key supports at 98.37/33 (200DMA / 27 Mar low) and 98.11 (Fibo 61.8%).
Break of these levels would signal an end of two-month range and spark fresh bearish acceleration.
Oversold daily stochastic warns that bears may hesitate to break lower on the first attempt and consolidate before final push lower.
Bears are expected to remain intact while broken cloud base (now reverted to strong resistance) caps upticks.

Res: 98.99; 99.19; 99.41; 99.66
Sup: 98.37; 98.11; 97.61; 96.96