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The US economy is experiencing a moderate slowdown, but indicators suggest that economic activity remains robust overall. The Federal Reserve (Fed) has indicated that the pace of its interest rate increases will be determined by economic data.The upcoming US election will have wide ranging impacts across financial markets, but for now the US Dollar is holding its ground. However, dovish bets on the Fed remain steady and might limit the USD.
Daily digest market movers: US Dollar rises ahead of the weekend on market optimism
DXY technical outlook: DXY bullish momentum waning, technicals remain bearish
The DXY index has gained some upside momentum, but technical indicators remain bearish.The Relative Strength Index (RSI) is at 40, near oversold conditions, while the Moving Average Convergence Divergence (MACD) is printing decreasing green bars, implying weak buying pressure.These indicators suggest that bears are in control and that the index is likely to continue its downtrend. Supports: 100.50, 100.30, and 100.00Resistances: 101.00, 101.30, and 101.60More By This Author:AUD/USD Price Forecast: Continues Posting Green Candlesticks As It Pushes Higher Gold Price Consolidates Near Record High, Bullish Potential Seems Intact WTI Advances To $71.00 Mark, Over Two-Week High Amid Broad-Based USD Weakness
