EUR/USD Current price: 1.0425

• The Federal Open Market Committee will publish the Minutes of the January meeting.
• Geopolitical uncertainty surrounding the Russia-Ukraine war undermines the mood.
• The EUR/USD pair retains the soft tone, near-term risk skews to the downside.

The EUR/USD pair eases for a third consecutive day but trades above the 1.0400 threshold, grinding lower amid a worsening market mood. The sentiment was upbeat at the end of the American session on Tuesday, with the S&P500 hitting a fresh all-time high amid a tech rally. Gains continued in early Asia, yet geopolitical concerns pushed indexes into the red. European stocks and US futures follow the same route.

Market players are keeping an eye on Russia-Ukraine-United States developments. The war between the two Eastern European nations continues, and the United States (US) approached Russia to restore their relationship and seek peace between the latter and Ukraine. Hopes seesawed among investors amid the absence of Ukrainian involvement in talks.

 Meanwhile, European Central Bank (ECB) member of the Executive Board Isabel Schnabel hit the wires and offered some interesting hints on the ECB’s future moves. On the one hand, Schnabel said that monetary restrictions have come down significantly, up to a point where policymakers can no longer say with confidence that monetary policy is still restrictive. On the other hand, she noted rate increases are out of the table. Bets on additional interest rate cuts eased following her comments, yet not enough to propel the Euro (EUR) higher.

The focus now shifts to the January meeting minutes of the Federal Open Market Committee (FOMC). Back then, officials decided to leave the benchmark interest rate steady at 4.25%-4.50%, a decision that was widely anticipated.

On the one hand, Federal Reserve’s (Fed) Chairman Jerome Powell said that the central bank would need to see “real progress on inflation or some weakness in the labor market before we consider making adjustments.” On the other, policymakers mentioned fiscal uncertainty as an upward risk to inflation. The document may shed some light on what officials plan to do in the upcoming meetings and, hence, affect the US Dollar (USD).

EUR/USD short-term technical outlook

The daily chart for the EUR/USD pair shows the risk of additional slides increased. The pair is approaching a now flat 20 Simple Moving Average (SMA) providing dynamic support at around 1.0410. The 100 SMA, in the meantime, keeps heading firmly south far above the current level, reflecting prevalent selling interest. Finally, technical indicators stand within neutral levels. The Momentum indicator lacks directional strength at around its 100 line, while the Relative Strength Index (RSI) gains downward traction and currently stands at around 52.

The near-term picture is bearish. The EUR/USD pair has extended its slide below a now mildly bearish 20 SMA, while approaching a flat 100 SMA, the latter in the 1.0380 price zone. Technical indicators, in the meantime, hover within negative levels and near fresh weekly lows, albeit with limited downward strength.

Support levels:  1.0410 1.0370 1.0320

Resistance levels: 1.0480 1.0515 1.0550  

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European Central Bank (ECB) policymaker Fabio Panetta said on Wednesday, “signs of weakness in Eurozone economy are more persistent than anticipated.”

Further comments

We expected a recovery driven by consumer spending.

However, that did not materialise.

Market reaction

These comments have little to no impact on the EURUSD pair as it trades flat at around 1.0450 at the press time.

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• Gold price consolidates below record highs of $2,943, awaits Fed Minutes.
• Trump’s tariff threats return and power safe-havens – Gold price and the US Dollar.
• Gold price stays bullish on the daily time frame, with fresh record highs in sight.  

Gold price is looking to refresh record highs while holding the recent upside early Wednesday as attention turns toward the Minutes of the US Federal Reserve (Fed) January policy meeting and US President Donald Trump’s tariff plans.

Gold price looks to further upside, Fed Minutes

The return of tariff threats from US President Donald Trump and a lack of breakthrough in the US-Russia peace talks support the demand for the traditional safe-haven – Gold. Trump told reporters on Tuesday that sectoral tariffs on pharmaceuticals and semiconductor chips would also kick in at “25% or higher, and it will go very substantially higher over the course of a year.”

This came after he said Friday that automobile levies would go in effect as soon as April 2. These tariffs pose a big threat for the global auto industry, weighing heavily on the European Union (EU) and Asia. The levies will likely disrupt global supply chains and ramp up inflationary pressures worldwide.  

The renewed tariff concerns combined with a lack of any positive developments from the US-Russia peace talks without Ukraine on Tuesday sag investors’ confidence, supporting safe-havens such as the US Dollar, Gold price etc.

“Russian officials did not mention offering any concessions and US officials did not claim to have scored any in Tuesday’s meeting, leading observers to doubt whether the talks would turn into serious peace negotiations,” Reuters reported.

However, Gold traders will likely remain wary ahead of the Fed Minutes release, which could pour cold water on the revival of expectations for two Fed interest rate cuts this year.

Meanwhile, on Tuesday, San Francisco Fed President Mary Daly said, “at this point, policy needs to remain restrictive until, from my vantage point, until I see that we are really continuing to make progress on inflation.”

The Fed’s prudence on the inflation and easing outlook could be affirmed by the Minutes, tempering the Gold price upside.

Gold price technical analysis: Daily chart

The daily chart shows that Gold price hangs near the record high of $2,943, with the 14-day Relative Strength Index (RSI) back in the overbought territory, currently near 71.

Amid a bullish technical setup, Gold buyers aim for a record high of $2,943. The next relevant resistance is seen at the $2,970 round level.

Conversely, a fresh pullback could call for a test of the $2,900 round level, below which the February 14 low of $2,877 will be threatened.

A firm break of that level will initiate a fresh downside toward the $2,850 psychological barrier.

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• The Reserve Bank of New Zealand is expected to cut its key interest rate by 50 bps to 3.75% on Wednesday.
• The RBNZ’s updated forecasts and Governor Orr’s words are likely to offer clues on the policy outlook.
• The New Zealand Dollar is set to rock on the RBNZ policy announcements.

The Reserve Bank of New Zealand (RBNZ) is widely expected to lower the Official Cash Rate (OCR) by another 50 basis points (bps) from 4.25% to 3.75% when it announces its interest rate decision on Wednesday at 01:00 GMT.

Most economists polled by Reuters predicted a 50 bps rate reduction at the February policy meeting. The RBNZ has delivered a cumulative 125 bps of cuts since August last year. Therefore, the central bank’s hints on future rate cuts could trigger a big reaction in the New Zealand Dollar (NZD).

What to expect from the RBNZ interest rate decision?       

At its November meeting, RBNZ Governor Adrian Orr explicitly anticipated a 50 bps cut this month, noting that “if economic conditions continue to evolve as projected, the committee expects to be able to lower the OCR further early next year.”

Orr added that he was “confident domestic inflation pressures will continue to ease.”

The decision was backed by concerns over the economic slowdown and inflation returning to the central bank’s target range between 1% and 3%. New Zealand’s annual Consumer Price Index (CPI) rose 2.2% in the third quarter (Q3) of 2024, aligning with market forecasts and marking a sharp slowdown from the 3.3% growth in the prior quarter.

Since then, New Zealand’s economy entered a recession in Q3, with Gross Domestic Product (GDP) declining 1% from the previous quarter’s revised 1.1% contraction. Economists expected a 0.4% decrease in the reported period.

Despite its move front-load policy easing in November, the RBNZ maintained that the “economic activity in New Zealand is subdued,” leaving room for additional rate cuts this year. 

“The swaps market agrees and sees the policy bottoming near 3.25% over the next 12 months,” according to the BBH analysts. This outpaces the Bank’s projection of peak OCR in December 2025 at 3.55%.

Against this backdrop, the language of the Monetary Policy Statement (MPS) and the updated economic projections will be key to gauging the scope and timing of future rate reductions.

How will the RBNZ interest decision impact the New Zealand Dollar?

In the lead-up to the RBNZ showdown, the NZD/USD pair is at its highest in four weeks at 0.5750, helped by easing tensions surrounding United States (US) President Donald Trump’s tariffs and a broad-based US Dollar (USD) downtrend.

The New Zealand Dollar could reverse sharply from near the monthly peak against the USD if the RBNZ fans further rate cut expectations. Another downward revision to the OCR forecasts could also smash the NZD/USD pair.  

In case the RBNZ hints at slowing its pace of easing or maintains the OCR projections, the NZD could see a fresh upside across the board.

Dhwani Mehta, FXStreet’s Senior Analyst, offers a brief technical outlook for trading the New Zealand Dollar on the RBNZ policy announcements: “The upside risks remain intact for the NZD/USD after a Bull Cross was confirmed on the daily chart last Friday. Adding credence to the bearishness, the 14-day Relative Strength Index (RSI) holds well above the 50 level, despite the latest downturn.”

“If buyers regain control, the initial resistance is seen at the 21-day Simple Moving Average (SMA) at 0.5814, above which the November 29 2024 high of 0.5930 will be challenged. Further up, the 0.6000 round level will offer stiff resistance. Conversely, strong support is seen near 0.5660, where the 21-day SMA and 50-day SMA hang around. Failure to defend the confluence support could trigger a fresh downside toward the February 3 low of 0.5516,” Dhwani adds.  

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• The Canadian Dollar covered little ground on Tuesday, holding flat against the Greenback.
• Canadian CPI inflation rose in January, with core CPI metrics climbing more than expected.
• The Loonie remains hampered near key technical levels as bullish momentum evaporates.

The Canadian Dollar (CAD) traded blows with the US Dollar (USD) on Tuesday, keeping USD/CAD stead near the 1.4200 handle as Loonie traders try to hang onto their recent gains. Canadian Consumer Price Index (CPI) inflation figures came in as-expected, though there was an acceleration in Bank of Canada (BoC) core CPI metrics.

Canadian headline CPI inflation rose slightly in January, matching median market forecasts but not rising significantly enough to threaten the BoC’s current stance on rate cuts. However, core CPI inflation as tracked by the BoC also accelerated to an 11-month high, which could put pressure on the Canadian central bank to slow its pace of rate cutting through the remainder of the year.

Daily digest market movers: Canadian Dollar flatlines on mixed inflation prints

• Canada’s headline CPI inflation print rose to 1.9% YoY, matching forecasts and ticking up from the previous print of 1.8%.
• Core BoC CPI inflation accelerated to 2.1% YoY, climbing from the previous 1.8% as core prices accelerated at their fastest pace in nearly a year.
• Core BoC CPI inflation growth was almost entirely front-loaded, with January’s MoM figure rising to 0.4% from the previous -0.3% contraction.
• Rate differentials continue to matter heavily for USD/CAD, and traders will be watching for the latest Meeting Minutes from the Federal Reserve (Fed), due on Wednesday.
• Loonie markets are largely huddled around possible tariffs looming ahead. US President Donald Trump’s plans for sweeping tariffs against all of the US’ key trading allies have been kicked down the road to April, but the looming threat has hampered trending activity in currency markets.

Canadian Dollar price forecast

The Canadian Dollar continues to hang onto recently-gained ground, keeping USD/CAD pressed into neutral-to-bearish territory at the 1.4200 handle. Price action remains trapped below the 50-day Exponential Moving Average (EMA) near 1.4280, but further downside remains hampered by a general lack of bullish momentum behind the Loonie.

USD/CAD daily chart

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Canada’s inflation rate advanced slightly in January, according to the latest data from Statistics Canada. The Consumer Price Index (CPI)—which measures the cost of everyday goods and services—rose by 1.9% over the last twelve months, up from December’s 1.8% and matching analysts’ expectations. On a monthly basis, prices rose 0.1%, reversing a 0.4% drop in December.

Meanwhile, the Bank of Canada’s Core CPI—which strips out volatile categories like food and energy—showed more strength. It climbed to 2.1% YoY in the first month of 2025 (up from 1.8% the month before), although on a monthly basis it gained 0.4%, also reversing December’s 0.3% decline.

According to the press release: “In January, increased energy prices, notably for gasoline and natural gas, contributed the most to the acceleration. These price increases were partly offset by continued downward pressure on prices for products affected by the goods and services tax (GST)/harmonized sales tax (HST) break introduced in December. Prices for the food component fell 0.6% on a year-over-year basis in January, the first yearly decrease since May 2017, driven by a record decline in prices for food purchased from restaurants (-5.1%).”

Market reaction

The Canadian Dollar (CAD) remains on the defensive, prompting USD/CAD to regain some upside traction, reverse three consecutive days of losses, and reclaim the 1.4200 barrier and beyond so far on Tuesday.

This section below was published as a preview of the Canadian inflation report for January at 09:00 GMT.

• The Canadian Consumer Price Index is seen increasing 1.8% YoY in January.
• The Bank of Canada reduced its interest rate by 25 basis points in January.
• The Canadian Dollar maintains the area of yearly highs vs. the US Dollar.

This Tuesday, Statistics Canada will unveil its latest inflation report for January, based on data from the Consumer Price Index (CPI). Early forecasts suggest that headline inflation held steady at 1.8% compared with January of last year.

In addition, the Bank of Canada (BoC) is also stepping into the spotlight with its core CPI data, which cuts out the more unpredictable items like food and energy. For a bit of context: December’s core CPI dipped by 0.3% from the previous month, though it still marked a 1.8% rise from a year earlier, while headline inflation was up by 1.8% annually and dropped 0.4% on a monthly basis.

These numbers carry the potential to impact the Canadian Dollar (CAD). The BoC’s approach to interest rates is key here. Since easing began in June 2024, the central bank has slashed its policy rate by 200 basis points, lowering it to 3.00% as of January 29.

Meanwhile, the CAD has been on a positive ride, steadily regaining value in the last couple of weeks. In fact, USD/CAD has dropped to two-month lows during last week, revisiting the 1.4150 region and extending its rejection from yearly peaks around the 1.4800 barrier recorded at the beginning of the month.

What can we expect from Canada’s inflation rate?

According to the meeting Minutes published on February 12, the rate cut of 25 basis points was driven by both concerns over tariff threats and a desire to bolster growth. Last month, the Bank of Canada noted that the persistent threat of tariffs was obscuring its forecasts with members admitting that predicting US trade policy was impossible.

Following the latest BoC gathering on January 29, Governor Tiff Macklem said that a significant increase in tariffs would initially push prices — and consequently inflation — up, noting that the lags in monetary policy meant there was little that could be done about that immediate effect. He explained that the key concern was to prevent that initial price surge from spreading to other prices and wages, which could lead to persistent inflation. He emphasised that while inflation was expected to rise, the focus would be on ensuring it eventually returned to 2%, as allowing a sustained increase would not be good for Canadians.

Previewing the data release, analysts at BBH note: “Canada highlight will be January CPI data Tuesday.  Headline is expected at 1.9% y/y vs. 1.8% in December, core median is expected to remain steady at 2.4% y/y, and core trim is expected at 2.6% y/y vs. 2.5% in December.  The GST/HST holiday (from December 14, 2024 to February 15, 2025) will pull down inflation in January, particularly in categories such as food services and semi-durable goods.  The Bank of Canada projects headline and core CPI inflation to average 2.1% and 2.5% over Q1, respectively.  The BoC has room to ease further, though at a more gradual pace because inflation has been around 2% since August.  The market is pricing in 50 bp of easing over the next 12 months that would see the policy rate bottom at 2.50%”.

When is the Canada CPI data due and how could it affect USD/CAD?

Canada’s January inflation report will be published on Tuesday at 13:30 GMT, and all eyes will be on whether the data throws any curveballs. If the numbers stick to expectations, the Bank of Canada’s current rate outlook will likely stay on track.

Meanwhile, USD/CAD has been trading in a bearish trend since the beginning of the month, dropping as low as the 1.4150 zone on February 14 — the lowest level in the last couple of months. In addition, the pair retreated for the second week in a row, shedding nearly 7 cents from year-to-date highs of around 1.4800 recorded earlier in the month.

Pablo Piovano, Senior Analyst at FXStreet, believes that despite the ongoing recovery, the Canadian Dollar should remain under pressure from US Dollar dynamics and the tariffs narrative in the medium term. 

“Bullish attempts should lead USD/CAD to a potential visit to the interim 55-day SMA at 1.4305, prior to the 2025 high of 1.4792 reached on February 3,” Piovano explains.

On the downside, there’s initial support around the 2025 bottom of 1.4150 (recorded on February 14), followed by the provisional 100-day SMA at 1.4090 and the key psychological threshold of 1.4000. A breach of the latter could trigger additional selling pressure. Targets would move toward the significant 200-day SMA at 1.3816, then the November low of 1.3823, and finally the September low of 1.3418, according to Piovano.

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US Dollar (USD) could edge below 151.00 vs Japanese Yen (JPY), but it remains to be seen if it can maintain a foothold below this level. In the longer run, there has been a tentative buildup in downward momentum; USD must break and remain below 151.00 before further weakness is likely, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Downward momentum builds up

24-HOUR VIEW: “The following are the excerpts from our update yesterday: ‘There has been a tentative buildup in downward momentum. Today, USD is likely to edge lower, but it is unlikely to reach the major support at 151.00 (there is another support level at 151.60). Resistance is at 152.50; a breach of 152.85 would indicate that the buildup in momentum has faded.’ USD then fell to a low of 151.32, closing on a soft note at 151.50 (-0.54%). There has been a tentative buildup in downward momentum, and USD is likely to continue to edge lower today. While it could break below 151.00, it remains to be seen if it can maintain a foothold below this level. On the upside, a breach of 152.15 (minor resistance is at 151.85) would mean that the buildup in momentum has faded.”

1-3 WEEKS VIEW: “Last Friday (14 Feb, spot at 152.70), we noted that the recent ‘upward momentum has largely faded.’ We indicated that USD ‘is likely to trade in a 151.00/155.00 range for the time being.’ Yesterday, USD fell to a low of 151.32, and there has been a tentative buildup in downward momentum. That said, USD must break and remain below 151.00 before further weakness can be expected. The likelihood of USD breaking clearly below 151.00 will remain intact, provided that 152.75 is not breached.”

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• Silver attracts some dip-buyers on Tuesday, though it lacks follow-through.
• The technical setup favors bulls and supports prospects for further gains.
• Any corrective slide below $32.00 could be seen as a buying opportunity.

Silver (XAG/USD) reverses an Asian session dip to the $32.00 neighborhood and climbs to the top end of its intraday trading range in the last hour. The white metal currently trades around the $32.35-$32.40 region, nearly unchanged for the day, though it remains well below the highest level since late October touched last Friday. 

Looking at the broader picture, the XAG/USD – barring a couple of knee-jerk spikes – has been oscillating in a familiar range over the past two weeks or so. Against the backdrop of the year-to-date strong move up, this might still be categorized as a bullish consolidation phase. Adding to this, positive oscillators on the daily chart suggest that the path of least resistance for the commodity is to the upside. 

That said, it will still be prudent to wait for some follow-through strength beyond the $32.55 horizontal barrier before positioning for a move toward the $33.00 mark. The XAG/USD might then climb further towards last Friday’s swing high, around the $33.35-$33.40 zone en route to the $34.00 round figure, the $34.45 intermediate hurdle, and the $35.00 neighborhood, or the multi-year peak touched in October. 

On the flip side, weakness below the $32.00-$31.90 region now seems to have emerged as an immediate strong support. This is followed by the lower boundary of the short-term trading range, around the $31.75-$31.70 region, below which the XAG/USD could slide toward retesting the 100-day Simple Moving Average (SMA), currently pegged near the $31.20 area, before dropping to the $31.00 round figure mark. 

Some follow-through selling below the latter might shift the near-term bias in favor of bearish traders and pave deeper losses. The subsequent fall has the potential to drag the XAG/USD towards the next relevant support near the $30.25 region en route to the $30.00 psychological mark and the $29.55-$29.50 horizontal zone.

Silver daily chart

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• The Reserve Bank of Australia is expected to cut the OCR by 25 basis points. 
• Australian core inflation eased in the final quarter of 2024 but remained above the RBA’s target. 
• The Australian Dollar consolidates gains against its American rival ahead of the announcement. 

The Reserve Bank of Australia (RBA) will announce its first monetary policy decision of 2025 on Tuesday, and market participants anticipate the Board will cut the benchmark interest rate by 25 basis points (bps).

Since hiking the Official Cash Rate (OCR) to 4.35% in November 2023, the RBA has maintained it steady at this level, as inflation has remained stubbornly high. As a result, pressure on households and businesses has become a significant concern, with sluggish economic growth taking its toll on policymakers’ decisions. 

Will this be the first of multiple interest rate cuts in Australia?

Indeed, inflation in Australia has given signs of improvement in December, boosting the odds for an interest rate cut in February. 

The latest quarterly Consumer Price Index (CPI) released showed that inflation rose by less than anticipated in the final quarter of 2024. The RBA’s preferred inflation gauge, the Trimmed Mean CPI, was up 0.5% in the quarter, below the anticipated 0.6%, and the annualized figure hit 3.2%, down from the previous 3.5%. 

Solid employment growth, on the other hand, weighs negatively on interest rate-cut odds. Annual employment growth strengthened to 3.1% in December from 2.3% in November, the strongest rate since October 2023. Australia is expected to have added 20K new jobs in January after creating 56,3K in December. January employment data, however, will not be available until after the RBA monetary policy announcement. 

Back in December, the RBA’s decision accompanying the statement showed that “some of the upside risks to inflation appear to have eased and while the level of aggregate demand still appears to be above the economy’s supply capacity, that gap continues to close.” 

However, the Minutes of the meeting released two weeks afterwards included a modest change in the wording. Officials were then “gaining some confidence” that inflation was moving sustainably towards their target of between 2% and 3%. 

RBA Governor Michele Bullock also noted that the Board discussed that upside inflation risks had eased but not gone away, yet an interest rate cut or hike was not on the table. 

Overall, market players anticipate a rate cut, but they do not expect it will be the first of many. On the contrary, the RBA is anticipated to maintain its cautious approach to monetary easing. The current restrictive policy settings would likely be unwound at a slow pace. 

How will the Reserve Bank of Australia decision impact AUD/USD?

Should the RBA announce an expected 25 bps interest rate cut, the Australian Dollar (AUD) may come under selling pressure. However, how weak the AUD could be depends on what policymakers anticipate. If the Board announces an unexpected 50 bps trim or announces more cuts coming in the upcoming meetings, it would be quite bearish for the Aussie.

On the contrary, hints at  spaced interest rate cuts may push the AUD up, as it would be read as a “hawkish cut.” 

RBA Governor Michele Bullock will offer a press conference after the announcement and will have to explain much if the decision diverges from expectations. 

Valeria Bednarik, Chief Analyst at FXStreet, says: “The AUD/USD pair peaked at 0.6373 ahead of the announcement, its highest since mid-December. The pair maintains its technically bullish stance amid broad US Dollar (USD) weakness. The Greenback trades on the back foot ever since financial markets understood US President Donald Trump’s fiscal measures pushed the Federal Reserve (Fed) into the hawkish path.”

“In fact, uncertainty over what US tariffs may mean to the Australian economy will likely be part of the RBA’s announcement,” Bednarik added.

“Technically speaking, the AUD/USD pair has scope to extend its advance towards the 0.6470 region, where the pair presents multiple intraday highs and lows from the last few months. To reach such an altitude, the pair first needs to overcome the aforementioned intraday high, which is the immediate resistance level. Interim resistance comes next at 0.6430. A dovish outcome could push the pair through the 0.6300 threshold, with additional slides exposing the 0.6230 price zone.” 

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• The DXY remains stuck around 106.00, looking for direction on Presidents’ Day.
• Fed funds futures price in 50 basis points of rate cuts for 2025 after weak Retail Sales data.
• Traders are eyeing global February PMI readings on Friday for potential divergence signals.
• US tariff concerns persist with auto levies expected to begin on April 2.

The US Dollar Index (DXY), which tracks the US Dollar’s performance against six major currencies, trades flat on Monday as traders monitor new geopolitical developments. With ongoing talks in Riyadh regarding a Ukraine-Russia peace deal, markets are assessing potential outcomes and their impact on risk sentiment. At the time of writing, the DXY remains stuck above the 106.00 range with investors awaiting key economic data later this week.

Daily digest market movers: US Dollar remains range-bound as markets digest mixed signals

• The US Dollar hovers near last week’s low with no clear directional momentum.
• Fed funds futures now price in 50 basis points of rate cuts for 2025 following weak US January Retail Sales data.
• Despite the Retail Sales miss, consumer spending remains supported by real wage growth, a solid labor market, and strong household balance sheets.
• Traders may not see much USD relief until Friday when global February PMI data could highlight divergence among economies.
• Philadelphia Fed President Patrick Harker, Fed Governor Michelle Bowman, and Fed Governor Christopher Waller will speak on Monday.
• Last Friday, Fed President Lorie Logan cautioned that lower inflation does not automatically warrant further rate cuts.
• Markets continue to shrug off tariff concerns despite US President Donald Trump confirming auto levies will begin on April 2.
• Country-by-country reciprocal tariffs are also set to take effect around the same time, though implementation may be gradual.

DXY technical outlook: Key support in focus as bearish pressure builds

The US Dollar Index struggles to maintain momentum after losing the 20-day Simple Moving Average (SMA), reinforcing a bearish outlook. The Relative Strength Index (RSI) remains in negative territory, confirming weakening momentum, while the Moving Average Convergence Divergence (MACD) suggests a steady bearish trend.

Immediate support is seen at the 100-day SMA near 106.30 with a break below this level likely to confirm a negative short-term outlook. Resistance remains at 106.80, followed by the 20-day SMA at 107.20.

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