- The greenback is entrenched into the negative ground for yet another session and has prompted DXY to break below the key 94.00 support for the first time since mid-July.
- The sharp pullback in the buck came amidst an intensification of the better sentiment in the risk-associated complex pari passu with the deterioration of the outlook for USD despite prospects of further tightening by the Fed and rising US yields.
- That said, a deeper retracement should see July’s low at 93.71 re-tested ahead of June’s low at 93.19.
DXY daily chart
Daily high: 94.56
Daily low: 93.83
Support Levels
S1: 94.34
S2: 94.13
S3: 93.93
Resistance Levels
R1: 94.75
R2: 94.95
R3: 95.16
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