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Major support- 100
Major resistance- 102
DXY jumped sharply after the US PCE data. It hit a high of 101.64 and is currently trading around 101.57.
US core PCE came in at 2.6% y/y below the forecast of 2.7%. PCE core - 0.20% m/m vs 0.20% expected.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 69.50% from 66% a week ago.
On the lower side, near-term support is around 101.20 and the violation below will drag the index down to 100.60/100/99.57/99/98. Significant resistance is around 101.60, and breach above targets 102/102.75. Overall bearish invalidation is only above 103.
It is good to buy on dips around 101.20-25 with SL around 99.80 for a TP of 102.
