DXY: Watching for signs of turnaround – OCBC
Source Fxstreet
US Dollar (USD) slipped this morning, taking cues from slight recovery in risk sentiments. DXY last at 100 levels. Overnight, US data – ADP employment, ISM services - came in better than expected, OCBC's FX analysts Frances Cheung and Christopher Wong note.
USD rebound has ran its course
"Daily momentum remains bullish, but RSI shows signs of turning from near overbought conditions. We continue to monitor if there are signs that the USD rebound has ran its course. Resistance at 100.30/60 levels (200 DMA, 76.4% fibo). Support at 99.80 (61.8% fibo), 99.10 levels (50% fibo retracement of May high to Sep low), 98.40 (38.2% fibo)."
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