The US dollar (USD) was unchanged as markets weighed political risks in France and Korea. The DXY was last at 106.51, according to OCBC FX analysts Frances Cheung and Christopher Wong.
Probable consolidation during the day
“US data remains the key focus this week – ISM Services (Wednesday); Initial Jobless Claims (Thursday); Nonfarm Payrolls (Friday). There is a good chance that November NFPs will be rebound sharply after hurricanes and major strikes that may have distorted October NFP Consensus expects a figure of +218k while the 6-month average is 131k. that a lower figure could bring the USD bears back.”
“Daily momentum is slightly bearish although RSI is flat. Consolidation is likely during the day. Key support at 106.20 (21-day SMA) if broken could see bearish momentum gain traction. Next support is at levels of 105.40 (38.2% fibo), 104.00/40 (50 and 200 day SMA, Resistance at 106.50). 107.20.”
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.
