The U.S. Dollar remains under pressure as traders digest weak housing data and weigh shifting Federal Reserve expectations. The Dollar Index (DXY) lingers near the 98.00 level, influencing major currency pairs including EUR/USD, GBP/USD, USD/CAD, and USD/JPY.
The U.S. Dollar Index (DXY) remains flat near 98.00 following a disappointing New Home Sales report for May, which showed a sharp decline of 13.7% compared to the expected 5.8% drop. The Dollar’s inability to hold above this level signals potential downside toward the next support zone between 96.70 and 96.90.
The EUR/USD pair continues its upward trend, trading above 1.1600 as traders price in Fed rate cuts. If EUR/USD clears resistance at 1.1630, the next key level to watch is 1.1675–1.1690. A break above this range could trigger a fresh rally toward 1.1750 in the near term.
GBP/USD remains buoyant, testing the crucial resistance band of 1.3620–1.3640. With RSI in a neutral zone, the pair has room for upside if supported by bullish catalysts. A successful break above 1.3640 could open the path toward 1.3730 and potentially 1.3800.
Despite a rebound in oil prices, USD/CAD is climbing higher, showing resilience above the 1.3725–1.3740 support zone. If the pair holds this level, bulls may aim for the next resistance near 1.3845–1.3860. Further momentum could target 1.3900.
USD/JPY recovered after a sharp sell-off, now attempting to regain control above the 146.00 mark. While dovish BoJ policy keeps the Yen under pressure, Fed outlook remains the main driver. A sustained move above 146.00 could lead the pair toward the resistance zone of 147.50–148.00.
📊 Conclusion: DXY on the Edge—Key Levels Ahead
With the U.S. Dollar Index teetering near a key support level and major pairs testing breakout zones, traders should stay alert to upcoming Fed commentary and macro data releases. Any surprises may add fuel to currency volatility.
For real-time forex updates and daily forecasts on major currency pairs, visit www.dailyforex.pk.
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