DXY - Next moves for USD
The dollar has mainted it's price level at the key 0.786 resistance level. Major resistance is seen at 114.778. A test of the 20 SMA shows a bounce, and test for major resistance is likely.
What is interesting is how the market, and thus the dollar, reacted to the fast U-turn on the market sell-off on Thursday. A hotter than expected CPI guarantees the Fed will stick with higher-for-longer route, yet a drop in the USD based on market technicals occured. I think this is a weak attempt from the bulls and unlikely that this will spark a reversal.
I find it funny that people are expecting a rejection from a 10 year rising channel, they aren't bearing in mind inflation is at a 40-year high.
What is interesting is how the market, and thus the dollar, reacted to the fast U-turn on the market sell-off on Thursday. A hotter than expected CPI guarantees the Fed will stick with higher-for-longer route, yet a drop in the USD based on market technicals occured. I think this is a weak attempt from the bulls and unlikely that this will spark a reversal.
I find it funny that people are expecting a rejection from a 10 year rising channel, they aren't bearing in mind inflation is at a 40-year high.
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