Outlook on DXY
Technical Perspective:
DXY remains within an ascending channel as the price approaches the 104.50 support zone, which coincides with the lower bound of the ascending channel and 78.6% Fibonacci retracement. If DXY rebounds above this level and regains its bullish momentum, a further rise toward the 106.00 resistance and 61.8% Fibonacci extension might occur. Conversely, a bearish breakout of the ascending channel could prompt a further decline towards the next potential support at 103.50.
Fundamental Perspective:
Recent US economic data, marked by sharp downward revisions to April and May jobs data and modest June NFP data, may set the stage for a Fed rate cut in September. NY Fed consumer inflation expectations for the upcoming year eased to 3% in June from 3.2% in May. Meanwhile, five-year inflation expectations declined to 2.8% per year. Markets now await more insights from the CPI data on Thursday, where easing price pressures could limit the dollar's upside.
DXY remains within an ascending channel as the price approaches the 104.50 support zone, which coincides with the lower bound of the ascending channel and 78.6% Fibonacci retracement. If DXY rebounds above this level and regains its bullish momentum, a further rise toward the 106.00 resistance and 61.8% Fibonacci extension might occur. Conversely, a bearish breakout of the ascending channel could prompt a further decline towards the next potential support at 103.50.
Fundamental Perspective:
Recent US economic data, marked by sharp downward revisions to April and May jobs data and modest June NFP data, may set the stage for a Fed rate cut in September. NY Fed consumer inflation expectations for the upcoming year eased to 3% in June from 3.2% in May. Meanwhile, five-year inflation expectations declined to 2.8% per year. Markets now await more insights from the CPI data on Thursday, where easing price pressures could limit the dollar's upside.
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