US Dollar Index: Bears remain firmly in play and pressure key supports
|US Dollar Index
The dollar index remains firmly in red for the second consecutive day, under increased pressure on growing prospects of Fed rate cuts (following softer than expected inflation in May) and persisting uncertainty over tariff saga.
Fresh acceleration on Thursday pushed the dollar below 98 mark for the first time in seven weeks and increased pressure on key support at 97.65 (2025 low of Apr 21, the lowest since March 2022/ near bear channel lower boundary), violation of which signal an end of broader consolidation and generate signal of continuation of larger downtrend from 110.00 (Jan 13 peak).
Firm break of 97.65 pivot to expose targets at 96.06 (Fibo 138.2% projection of descend from 101.80) and 95.18 (Fibo 76.4% retracement of 89.15/114.72 (2021/2022 uptrend).
Res: 98.49; 98.80; 99.31; 99.72.
Sup: 97.65; 97.50; 96.67; 96.06.
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