The US Dollar Index (DXY), which measures the value of the US dollar against a basket of currencies, remained down for a second day after hearing remarks from the US central bank chief. Federal Reserve (Fed) Chairman Jerome Powell's testimony to Congress emphasized a data-driven approach, suggesting that interest rates will remain steady unless inflation or labor conditions change. This notion reduces the likelihood of a rate cut at the March meeting.
The US Dollar Index struggled to maintain momentum, slipping below its 20-day Simple Moving Average (SMA) around 108.50. The Relative Strength Index (RSI) moved lower, approaching bearish territory below 50, indicating declining momentum. The Moving Average Convergence Divergence (MACD) histogram turned negative, indicating increasing bearish traction.
Should selling pressure increase, immediate support is located at 108.00, followed by the psychological level of 107.50. On the upside, resistance is seen at 108.80 levels and 109.20 zone, which could limit near-term recovery.
Source: FXstreet
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