The US Dollar (USD) experienced a decline in Monday's session towards 106.
The US Dollar, measured by the DXY index, slides towards 106.00. US Treasury yields are increasing and may limit the USD’s losses. Markets have practically priced in a pause in the Fed’s meeting on Wednesday. Nonfarm Payrolls data from October are due on Friday. 00 when gauged by the DXY Index, which measures the value of the USD against a basket of global currencies.The weakening of the USD was driven by risk-on flows, making it struggle to gather demand.
The Relative Strength Index points towards a potential reversal as it weakens above its midline, while the Moving Average Convergence histogram presents bigger red bars. Additionally, the index failed to hold above the 20-day Simple Moving Average , and as bears step in, further downside may be on the horizon. That being said, the DXY is still above the 100-day and 200-day SMAs, indicating that on the broader picture, the bulls are still in command. Supports: 106.00, 105.70, 105.50.
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