The USDX posted a weekly loss of 1.5% on the week ended June 12. The index closed below 20Wsma which seems to be at 96.30. On the daily chart, the index closed below daily moving averages. For the recent 3 straight sessions, the index was rejected at 100Dema 95.00.
Ahead of the busy economic calendar this week, the index opened above 100Dema at Monday's session. Traders focus on Wednesday's FOMC meeting. The recent retail data and jobs data raises the Fed key interest rate hike expectations. We expect the US Fed to announce the key interest rate hike between September and December. Today, industrial production, NAHB housing market index, capacity utilization rate, and empire state manufacturing index are due.
On the daily chart, lower highs and lower lows formation are expanding. Intraday support is found at 95.00 100Dema and 94.60. Resistance seems to be at 95.50 and 96.00. Buying is available above 95.40 with targets at 95.70 and 96.00. Today, bulls will show strength only above 96.10. Selling is possible below 95.00 with targets at 94.70, 94.30, and 94.00. With a daily close above 96.10, bulls are aiming at 97.00 and likely 97.50. The real bullish momentum is possible only above 97.70 on a closing basis for 103.00.
