DXY: Range-bound on the day – OCBC
|US Dollar (USD) traded subdued overnight as markets await data and Fedspeaks this week. DXY was last at 99.01, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Some consolidation expected in the interim
"Soft labour market report has already swung the probability of Fed cut in Sep to 95% (vs. 40% as of 31 July). Bullish momentum on daily chart shows signs of fading but decline in RSI moderated."
"Some consolidation expected in the interim. Support at 98.30 (21, 50 DMAs), 97.20 levels. Resistance at 100 (100 DMA), 100.50 levels. Focus this week on ISM services data (Tuesday); initial jobless claims (Thursday) and Fedspeaks."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.