US Dollar Index Moves Toward Resistance Ahead of CPI, Fed Decision
2023.12.11 06:19
We have a busy week with plenty of economic data, which certainly should have an important impact on the markets. One of the most important will be the US inflation report which is expected to come down from 3.2% to 3.1% y/y and then also FED rates decision on Wednesday, so it will be interesting to see if dollar can see new bear trend once more, after some strong US jopbs data last week. I think that as long as jobs data and inflation figures will not show the same picture for the economy, thats how long market can be a bit tricky and choppy on dollar pairs. From an Elliott wave perspective, I see DXY in a corrective a-b-c rally, back in wave four that can be moving into 104.50-105 resistance so technically trend is down, but we need some catalyst for the downtrend to resume.
Grega
