- Weaker-than-expected data in the United States is weighing on the Greenback.
- The level to beat for bears is the 99.00 figure.
DXY daily chart
The US Dollar Index (DXY) is trading a bull trend above its main daily simple moving averages (DSMAs). In the New York session, the ADP, the forerunner of the Nonfarm Payrolls on Friday, disappointed the market with only 135k vs. 140k expected in September. This adds to the negative sentiment on the Greenback which started on Tuesday after the ISM Manufacturing PMI came in below expectations at 47.8 vs. 50.1 forecast. This was the worst reading since 2009 and sent the index lower.
DXY four-hour chart
DXY is retracing down after hitting a new 2019 high at 99.67. The market is challenging the 99.00 figure. A break of the level can lead to 98.85 support area and potentially to 98.30 if the bears gather enough steam.
DXY 30-minute chart
DXY is trading below its main SMAs, suggesting a bearish bias in the short term. Immediate resistance is seen at the 99.30 price level and 99.67 (2019 high).
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.