💰USDIDX lowest since beginning of January, will key support be negated?
During today's session one can observe a broad dollar weakness. One of the reasons was the alleged intervention of the PBOC, which recently said it will maintain the exchange rate of the yuan at basically stable levels. Also risk sentiment was boosted following the recent US Federal Reserve's comments. Fed governors including Bostic, Brainard, and Bullard continued to play down risks for a sustained inflation overshoot. The dollar index (USDIDX) has been under pressure recently. Looking at the D1 interval, the index is in a downward channel, and today it broke below the February lows. If the negative sentiment prevails, the downward impulse may accelerate towards the January lows at 89.20.
USDIDX, D1 interval. Source: xStation5
