US Dollar Index (DXY)
The dollar is on the back foot as traders price in a likely Fed rate cut. Weakening yield differentials and cautious investor sentiment are weighing on greenback demand.
Technical Outlook
- DXY is trading around 97.7–98.0.
- On the downside, a drop beneath 97.70 could open the way toward 96.90–96.50.
- On the upside, a recovery past 98.50–99.00 would shift focus to 100.20 and 101.85.
EUR/USD
EUR/USD is holding up as the euro benefits from softer dollar pressure and growing unease in euro-area banking circles over dollar liquidity strains flagged by the European Central Bank.
Technical Outlook
- The pair sits near 1.159–1.160 on the open.
- As long as 1.152–1.155 holds, bullish momentum could test 1.1700 and, potentially, 1.1850.
- A breakdown below 1.152 would likely target 1.138–1.130.
USD/JPY
The Yen strengthens on speculation that the BoJ could hike rates soon while the dollar loses traction. Japanese bond yields rising adds more weight to yen bullishness.
Technical Outlook
- USD/JPY trades around 155.8–156.1 currently.
- If buyers hold above 155.50, a push toward 157.50–158.00 remains possible.
- If the pair slips below 154.80, support zones near 153.00–152.50 come into view.
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Disclaimer
The information provided herein is for informational purposes only and does not constitute an offer or solicitation to buy or sell any financial instruments. Trading Contracts for Difference (CFDs) and foreign exchange (forex) carries a high level of risk and may not be suitable for all investors. It is important to fully understand the risks involved and seek independent financial advice if necessary.
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