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DXY: Slight retracement – OCBC

Source Fxstreet

US Dollar (USD) was a touch softer this morning alongside brent and gold. Dollar Index (DXY) gapped down today; last at 98.60 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Markets to stay sidelined into the weekend

"High beta and net oil importer AxJ FX, including KRW, PHP and TWD led recovery. Risk sentiment improved slightly after White House said that Trump will decide within 2 weeks whether to strike Iran. This shows a slight step back from his recent rhetoric but to be fair, such comments offer little clarity with regards to the broader geopolitical uncertainty."

"Mild bullish momentum intact while RSI eased. Support at 98, 97.60 levels (recent low). Resistance at 99.50 (50 DMA), 100.2 and 100.60 levels (23.6% fibo retracement of 2025 high to low). Geopolitical developments remain fluid, and risks are two-way."

"Any downside or upside surprise over the weekend would have impact when markets open on Monday. As such, we anticipate markets to stay sidelined into the weekend."

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