DXY: Watching the delayed CPI report – OCBC

FXStreetOct 24, 2025 9:49 AM

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US Dollar (USD) continued to consolidate near recent high though price action was subdued. Focus today on US CPI (830pm SGT). DXY last at 99.05 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

2-way trades likely in absence of fresh catalyst

"Bloomberg consensus is looking for core CPI to hold steady at 3.1% in Sep. Elsewhere prelim PMIs are also released today. Many leaders from China, US, and the region will be in KL over 26 – 28 Oct for a summit, with keen focus on the meeting between US Treasury secretary Scott Bessent and Chinese vice premier He Lifeng. A promising outcome may potentially pave the way for Trump and Xi to meet in Gyeongju on 31st Oct."

"Daily momentum shows tentative signs of turning mild bullish while RSI rose. 2-way trades likely in absence of fresh catalyst. Resistance at 99.10 levels (50% fibo retracement of May high to Sep low), 99.80 (61.8% fibo), 100.80 levels (200 DMA). Support at 98.40 (38.2% fibo, 21 DMA) and 98 levels (50, 100 DMAs) and 97.60 (23.6% fibo). Near term, DXY may continue to consolidate near the upper bound of recent range unless CPI surprises.

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