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DXY: Consolidation on the day – OCBC

FXStreetJul 22, 2025 8:52 AM

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USD slipped, amid decline in UST yields. DXY was last at 97.90 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

DXY may be caught in 2-way trades

"Bullish momentum on daily chart shows tentative signs of fading while RSI was flat. 2-way trades likely in the interim as markets look for the next catalyst. Support at 97.70 (21 DMA), 97 levels. Resistance at 98.66 (50 DMA), 99.60 levels (23.6% fibo retracement of 2025 high to low)."

"Apart from prelim PMIs (Thursday) and durable goods orders (Friday), there is not much tier-1 data nor Fedspeaks for markets to digest this week. Near term, DXY may be caught in 2-way trades, while we keep a look out for any headlines."

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