DXY: Data matters – OCBC
Source Fxstreet
US Dollar (USD) fell on softer than expected CPI. This puts focus on PPI data tonight (8:30pm) before the lead up to FOMC next week. DXY was last at 98.40 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Daily momentum is not showing a clear bias
"In the event of a higher print, we may well see the overnight move reverse. But further downside data surprise (which cannot be ruled out given that the last PPI print was negative) may see DXY break below 2025 low."
"Daily momentum is not showing a clear bias while RSI fell. Support at 97.90 (2025 low). Resistance at 99.40 (21 DMA), 99.90 levels (50 DMA)."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The technical analysis of the daily chart indicates a prevailing bullish bias, with the pair remaining within the ascending channel pattern.
Dow Jones futures advance 0.20% to trade above 47,100 during European hours ahead of the opening of the United States (US) regular session on Friday.
Gold catches fresh bids on the last day of the week amid reviving safe-haven demand.
From a technical perspective, the black liquid has been trending lower along a downward-sloping channel since late October.
The pair depreciates as the Pound Sterling (GBP) weakens following the Bank of England’s (BoE) dovish hold in November.
Related Instrument
