Forex
Dollar on Thin Ice Ahead of Event-Rich Week
The US Dollar (DXY) is trading just above pivotal support at the August high-day close and May low at 98.68/69, a break below which could fuel the next leg of its July downtrend.
According to FOREX.com's technical analysis, subsequent support objectives for DXY include the yearly open at 98.24 and the 61.8% retracement of the January rally at 97.94.
The immediate focus is on a possible inflection off this level, with initial resistance standing at the 200-day & 52-week moving averages at ~99.11/14 backed by the 38.2% retracement of the yearly range and the January swing high ~99.44/49.
In contrast, EUR/USD is trading just above multi-week uptrend support, with the September opening-range taking shape just above a key pivot zone at 1.1564/78.