Dollar: Weekly Forecast 15th - 19th July
The dollar fell as the Fed reaffirms its intention to cut rate end of the month.
The price climbed at first but was rejected by a supply zone near 97.6, wiping out all gains and turning it into a bearish week for the dollar.
In this week, the dollar is expected to fall further but will meet with support at 96.4 due to a probable inverse HnS.
If the price climbs at first, look for resistance near 97 to sell.
Apart from the technical perspective, this week is filled with important U.S. data that is strongly connected to inflation which is an important factor for how aggressive the Fed will proceed with its rate cut.
The price climbed at first but was rejected by a supply zone near 97.6, wiping out all gains and turning it into a bearish week for the dollar.
In this week, the dollar is expected to fall further but will meet with support at 96.4 due to a probable inverse HnS.
If the price climbs at first, look for resistance near 97 to sell.
Apart from the technical perspective, this week is filled with important U.S. data that is strongly connected to inflation which is an important factor for how aggressive the Fed will proceed with its rate cut.
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