The dollar rose steadily last week but was capped as NFP appeared weaker than forecast.
Ever since the Fed started to cut rate, the dollar has fallen off from the high of 99.66 and took a little more than 2 months to break out from a rising channel.
This led the dollar to turn bearish technically as well as fundamentally as the next rate hike is nowhere to be seen.
Thus, a weaker than expected employment change is definitely not good for the dollar.
The price was seen rejected at a multiple resistance area - 200MA, top of a falling channel and a 1-month supply zone.
This week, we expect the dollar to weaken further and reach 96.6, then 95.9.
Ever since the Fed started to cut rate, the dollar has fallen off from the high of 99.66 and took a little more than 2 months to break out from a rising channel.
This led the dollar to turn bearish technically as well as fundamentally as the next rate hike is nowhere to be seen.
Thus, a weaker than expected employment change is definitely not good for the dollar.
The price was seen rejected at a multiple resistance area - 200MA, top of a falling channel and a 1-month supply zone.
This week, we expect the dollar to weaken further and reach 96.6, then 95.9.
