US dollar Index-
The US dollar index trades flat ahead of Fed Powell's speech and CPI data. It hit a low of 104.99 and is currently trading around 104.99.
The yellow metal gained momentum after weak US jobs data on Friday. The increased probability of a rate cut in September supports precious metals at lower levels.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 73.6% from 59.80% a week ago.
Major resistance- 106.20/107
Major support- 105.20/104.45
EURUSD-
EURUSD showed a minor sell-off on the French election results. It hit a low of 1.08192 and is currently trading around 1.08303.
The French election result shows a hung parliament with no party secured a majority. New Popular won 188 seats and the Ensemble alliance 161 seats.
Major resistance-1.0865,1.0900
Major support- 1.0760,1.0700
Yen-
The pair trades flat ahead of Fed Chairman Powell's speech. Any close below 160 confirms further bearishness.
Major Resistance- 162,163
Major support- 159.80,15
Canadian Dollar
The Canadian dollar shows a minor weakness on easing oil prices. Any break below 1.3600 confirms further bearishness.
Resistance- 1.3660, 1.3725
Major support- 1.3600,1.3535
