The US Dollar Index is moving around 97.80 after the Federal Reserve cut interest rates by 25 basis points. Traders are now waiting for more comments from Fed Chair Jerome Powell. The dollar is steady, but investors want clear signals on the next policy steps.
Focus on Governor Miran’s Speech
Governor Stephen Miran wanted a bigger 50-bp cut and will explain his view soon. His speech could move markets, as investors want to know how much independence the Fed has and how it handles outside pressure.
Fed Independence and Market Mood
Even though the dollar is stronger, questions about the Fed’s independence limit the upside. Powell and other Fed officials will speak this week, and their comments may decide the next move for the dollar. For now, the dollar is holding steady but could move quickly if officials change their tone.
US Dollar Index Technical View
The DXY is testing strong resistance near 97.82, which includes a trendline and the 200 EMA. The index is trading around 97.65 with the 50 EMA at 97.43 acting as support. If the price cannot move above 97.82, it may fall toward 97.28 and 96.92. A close above 97.82 could open the way to 98.09 and 98.44. For now, the risk is still on the downside.
GBP/USD Technical View
The GBP/USD pair is trading near 1.3476 after a drop. It is below both the 200 EMA at 1.3511 and the 50 EMA at 1.3556. If the pair can close above 1.3510, it may rise toward 1.3566 and 1.3645. If not, it could fall again toward 1.3440 or even 1.3390. Candle signals near the trendline will show the next move.
EUR/USD Technical View
The EUR/USD pair is holding near 1.1745 after a recent decline. Support is strong near 1.1720 and the 200 EMA at 1.1700. Resistance is at the 50 EMA near 1.1763 and the 1.1768 level. A close above 1.1768 could push the pair toward 1.1827 and 1.1880. If resistance holds, the pair could fall back to 1.1700 or 1.1661. Candle signals around 1.1720 and 1.1768 will guide the next move.
