DXY: Slight downside risk – OCBC
|USD turned lower, tracking UST yields lower. DXY was last at 100.75 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Bullish momentum on daily chart
"US data underwhelmed. Retail sales came in softer, PPI saw its sharpest decline in 5 years while industrial production and empire manufacturing data printed weaker than expected. Decline in USD was more pronounced vs. CHF and JPY."
"Data focus shifts to import/export price index, housing starts, building permits and Uni of Michigan sentiment data. Another round of softer than expected print may further weigh on USD."
"Bullish momentum on daily chart shows gradual signs of it fading while RSI eased. Slight downside risk. Support at 99.90 (21 DMA), 99 levels. Resistance at 100.80 (23.6% fibo retracement of 2025 peak to trough), 101.60 (50 DMA) and 102.60 (38.2% fibo)."
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