- The buck tested fresh 2-week lows in the proximity of the 94.00 handle earlier in the session as markets were digesting the recent Trump-Juncker agreement.
- However, the down move met strong contention at the short-term support line off June’s low near 93.20, and is now staging a decent rebound.
- The constructive bias around the greenback is now threatened, although a move back above the 10-day and 21-day SMA around 94.60 should help shifting the attention back to the topside. A surpass of this area should put the recent top at 94.85 back on the radar.
- On the downside, July’s low at 93.71 should emerge as the next relevant support in case the short-term support line around 94.00 gives up.
DXY daily chart
Daily high: 94.67
Daily low: 94.43
Support Levels
S1: 94.02
S2: 93.81
S3: 93.49
Resistance Levels
R1: 94.55
R2: 94.87
R3: 95.08
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