DXY Weekly Forecast | 22nd May 2023

TVC:DXY   U.S. Dollar Index
Fundamental Backdrop
  • The Flash Manufacturing PMI is expected to decrease from 50.2 to 50.0 which shows contraction in economic health.
  • The Flash Services PMI is also expected to drop from 53.6 to 52.6.
  • The FOMC Meeting Minutes on Thursday. The FED will talk about future interest rates which was previously indicated to be on pause.

Technical Confluences
  • Near-term resistance at 103.500
  • Next resistance at 105.000
  • Minor support at 102.765
  • Major support at 102.200

With the Flash Manufacturing PMI and Flash Services PMI expected to drop, it could cause the DXY to drop further towards the 102.700 minor support.

If the FED chooses to pause or indicate pausing of interest rates, it can cause the DXY to drop even further towards the 102.200 major support level.

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