US Dollar Index Price Forecast: Snaps three-day losing streak amid caution ahead of US NFP data
The US Dollar (USD) rebounds after a three-day losing streak, with the US Dollar Index (DXY) trading 0.3% higher to near 101.40.
The Greenback bounces back as investors turn cautious ahead of the United States (US) Nonfarm Payrolls (NFP) data for June, which will be released on Thursday.
Investors will closely track the US NFP data to get fresh cues regarding the Federal Reserve’s (Fed) monetary policy outlook. The official employment report is expected to show that the economy created 110K fresh jobs, lower than 172K in May. The Unemployment Rate remains steady at 4.3%.
Currently, the CME FedWatch tool shows that traders see an almost 80% chance that the central bank will deliver at least one interest rate hike this year.
In Tuesday’s session, investors will focus on the US JOLTS Job Openings data for May, which will be published at 14:00 GMT. The data is expected to show that employers posted 7.3 million fresh jobs, lower than 7.618 million in April.
US Dollar Index technical analysis
The Dollar Index Spot trades higher at around 101.41 at press time. The near-term bias is bullish as price holds above the 20-period exponential moving average (EMA) at 100.56, keeping the short-term trend supported after the recent push higher. The Relative Strength Index (RSI) at 67.83 sits just below overbought territory, suggesting strong but potentially stretched upside momentum as the index consolidates near recent highs.
On the downside, immediate support is seen at the 20-day EMA around 100.56, which guards the latest breakout zone and reinforces the constructive bias while price remains above it. Looking up, the 12 May 2025 high at around 102.00 is the key resistance zone; above that it could rise towards 103.00.
(The technical analysis of this story was written with the help of an AI tool.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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