DXY: Near term consolidation on the cards – OCBC

FXStreetDec 3, 2024 9:43 AM

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The US Dollar (USD) eased slight overnight in response to Fed official Waller’s comments. DXY was last at 106.25, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Daily momentum is mild bearish

“He sees more rate cuts likely needed ‘over time’ and inches towards rate cut for Dec while Williams sees overall trend of rates coming down. Implied probability of 25bp rate cut for Dec FOMC has shifted to 75%.”

“Daily momentum is mild bearish though RSI rose. Near term rebound not ruled out but likely to see consolidation. Resistance at 106.50, 107.20. Support at 106 (21 DMA), 105.40 levels (38.2% fibo), 104 (50, 200 DMAs).”

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