Dollar Index (DXY) DailyTechnical
DXY rebounded to test the last swing high and traded sideways in a narrow range. The
converging EMAs show a bearish momentum slowdown.
If DXY breaks the first resistance at 104.40, the index may shift to a bullish structure and resume its recovery.
Meanwhile, failure to break any price swings may prompt DXY to move in the 104.00-104.40 range.
Fundamental
The dollar was volatile in a narrow range. President Joe Biden's announcement to end his re-election campaign created market volatility as Trump's victory possibility declined.
The Jun Chicago Fed national activity index was at 0.05, down from 0.23 but higher than the expected -0.09.
The dollar outlook remains under pressure.