DXY: 2-way risks near term – OCBC
Source Fxstreet
The US Dollar (USD) slipped amid slippage in initial jobless claims but levels remain confined to recent lows. Dollar Index (DXY) was last at 100.65, OCBC FX analysts Frances Cheung and Christopher Wong note.
Interim double-bottom seems to be forming
“Daily momentum is mild bullish while RSI dipped. Interim double-bottom appears to be forming – we continue to watch price action. Resistance at 101.10 (21 DMA), 101.90. Support at 100.20 levels (interim double bottom).”
“This week, we watch core PCE (Friday). A hotter print would bring back fears of second-round inflation risks, especially so when Fed is guiding for frontloading of rate cuts. We are also caution of quarter-end flows that may distort price action in the short term.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
West Texas Intermediate (WTI) Oil price gains ground and is trading around $65.70 per barrel during the European hours on Thursday.
Silver Price Forecast: XAG/USD rises to near $78.00 on safe-haven demandSilver price (XAG/USD) extends its gains for the second successive session, trading around $78.00 per troy ounce during the Asian hours on Thursday. The precious metal Silver receives support from rising safe-haven demand amid persistent tensions between the United States (US) and Iran.
Silver price (XAG/USD) extends its gains for the second successive session, trading around $78.00 per troy ounce during the Asian hours on Thursday. The precious metal Silver receives support from rising safe-haven demand amid persistent tensions between the United States (US) and Iran.
Gold price (XAU/USD) holds positive ground near $4,985 during the early Asian session on Thursday. The precious metal recovers amid shifts in geopolitical sentiment, boosting safe-haven demand.
The USD/JPY pair trades 0.27% higher to near 153.70 during the European trading session on Wednesday.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face downside risk as bears regain control Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Related Instrument
