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Major support- 100
Major resistance- 102
DXY gained momentum after US ISM manufacturing PMI. It hit a low of 100.96 and is currently trading around 101.146.
|
|
Currency |
Event |
|
Forecast |
Previous |
|
12:15 pm |
US |
ADP non-farm employment change |
99k |
144K |
122K |
|
12:30 pm |
USD |
Unemployment claims |
227k |
231K |
231K |
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 55% from 62% a week ago.
On the lower side, near-term support is around 100.60 and the violation below will drag the index down to 100/99.57/99/98. Significant resistance is around 101.60 and breach above targets 102/102.75/103.22. Overall bearish invalidation is only above 104.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
It is good to sell on rallies around 101.48-50 with SL around 102 for a TP of 100.60.
