US Dollar Slumps for Sixth Day, Weak Job Data Fuels Fed Cut Bets

The US Dollar (USD) extends losses for a sixth straight day as a disappointing US Jobs Report fuels expectations of earlier Fed rate cuts. While Nonfarm Payrolls beat forecasts, downward revisions to previous figures, rising unemployment, and slowing wage growth signal a weakening labor market.

Technical Outlook:

Bearish Dominance: USD weakness points to further downside potential.
Key Resistance: Initial hurdles at 103.28 (55-day SMA) and 103.72 (200-day SMA). A stronger move above could target the 100-day SMA (103.81) and 104.60.
Support Levels: Limited nearby support. Bears target 101.75, a break below opens the path towards 100.61 (2023 low).


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