DXY: Bulls face fatigue? – OCBC

Source Fxstreet

The recent leg up in dollar index appears to show tentative signs of fatigue. DXY was last at 102.36, OCBC’s FX strategist Christopher Wong notes.

Daily momentum remains bullish

“Dovish bets on Fed cut trajectory have somewhat unwound. Markets are just eyeing about 50bp cut for the rest of the year, as opposed to 75bps cut seen just 2 weeks ago. Focus shifts to FOMC minutes, CPI (Thursday), PPI (Friday). Hotter print may bring back chatters of US exceptionalism and reinforces the view that Fed can slow pace of rate cut.

“This can be supportive of USD’s rebound momentum. Elsewhere, geopolitical tensions in middle east appears to have deteriorated. Brent has risen over 10% in the last few sessions. This further undermined FX, such as THB, KRW that are vulnerable to risk-off and surge in oil prices (net-oil importer).”

“Daily momentum remains bullish while RSI shows signs of turning lower from near overbought conditions. Retracement risk (lower) not ruled out in the interim. Support at 101.75/90 levels (50 DMA, 23.6% fibo retracement of 2023 high to 2024 low). Resistance at 102.90 (38.2% fibo).”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
EURUSD Long-term Forecast: Can ECB Hawks Overcome the Dollar Bullishness? As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.
Author  Mitrade
Mar 13, 2023
As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
Mar 13, 2023
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
Jan 04, Thu
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Gold edges higher as geopolitical risks revive following Hezbollah attack in IsraelGold (XAU/USD) edges a third of a percentage point higher on Friday, recovering from the tumble it suffered on the previous day.
Author  FXStreet
Nov 01, Fri
Gold (XAU/USD) edges a third of a percentage point higher on Friday, recovering from the tumble it suffered on the previous day.
Related Instrument
goTop
quote