The US Dollar (USD) consolidates on Friday after trading firmly stronger this week, with all eyes on the US Employment Report and specifically on the Nonfarm Payrolls (NFP) numbers.
The US Dollar is set to close off this week in the green. Tensions in the Middle East together with pared bets of big Fed rate cuts are fueling safe-haven inflows to the Greenback. The US Dollar Index broke the September high at 101.90 but the jobs report data will decide the next move. The US Dollar consolidates on Friday after trading firmly stronger this week, with all eyes on the US Employment Report and specifically on the Nonfarm Payrolls numbers.
Expect the US Jobs Report to be the catalyst that snaps that level for more upside or sees the DXY fall back into range. The 55-day Simple Moving Average at 102.05 has already acted as resistance and is the first level that needs to be broken for more upside. A leg higher, the chart identifies 103.18 as the very final level for this week. Once above there, a very choppy area emerges with the 100-day SMA at 103.36, the 200-day SMA at 103.75 and the pivotal 103.99-104.00 levels in play.
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