The downward surprise of the preliminary services PMI was the last factor that weighed on the USD, which has been down during most of the past week in the middle of the Trump trade liquidation after the markets were disappointed for the lack of immediate tariffs. Trump’s interview with Fox News last week, in which he said he can reach an agreement with XI in relation to commercial problems, was one of the factors that affected the upward impulse of the USD. The DXY was for the last time at 107.40 levels, the FX analysts of OCBC Frances Cheung and Christopher Wong point out.
Bass risks down
“Trump also said he would prefer not having to wear tariffs on China. Meanwhile, the lack of immediate tariff Tariffs remain to some extent, and the USD falls can still find support before the deadline of February 1 for Canada, Mexico and China. They are not imposed on February 1 or if they are postponed.
“This can be an unimportant event with expectations of maintaining after the accumulative cut of 100 bp seen in the last 3 meetings. There will be no scheme of points graph at this meeting, so the approach is at the press conference of Powell. cuts. ”
“The daily impulse remains bassist while the RSI fell. The risks are biased down. The highest support is found in 106.40 (38.2% FIBO). Resistance in 107.80 (23.6% fibonacci recoil of the minimum of October to the maximum of January to January ), 108.70 (21 DMA) and levels of 109.50.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
