Major support- 100
Major resistance- 102
DXY showed a minor sell-off after mixed economic data. It hit a high of 101.83 at the time of writing and is currently trading around 101.59.
|
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
12:30 pm |
US |
PPI y/y |
1.7% |
1.8% |
2.2% |
|
|
|
Core PPI y/y |
2.4% |
2.5% |
2.4% |
|
|
|
PPI m/m |
0.20% |
0.10% |
0% |
|
|
|
Core PPI m//m |
0.30% |
0.20% |
0% |
|
|
US |
Unemployment claims |
230K |
227K |
228K |
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 87% from 60% a week ago.
On the lower side, near-term support is around 101.50 and the violation below will drag the index down to 101.20/100.60/100/99.57/99/98. Significant resistance is around 102 and breach above targets 102.75/103.22. Overall bearish invalidation only above 104.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
ADX- Neutral
It is good to sell on rallies around 101.78-80 with SL around 102.40 for a TP of 100.
