DXY Bounces Off Session Lows Amid Mixed US Data

The US Dollar Index (DXY) saw a bounce from its session lows of about 101.28 to trade at around 101.47 after the release of the latest US data.

The DXY has been trading within an ascending channel formation on the 60-minute chart, with prices now above the 100-hour moving average line.

However, a recent pullback in the 14-hour RSI indicates overbought conditions, prompting bears to look for opportunities to extend losses towards 101.28 or lower at 101.08.

On the other hand, bulls are eyeing potential gains above 101.65, with a target of 101.83.