DXY: Range-bound on the day – OCBC

US Dollar (USD) traded subdued overnight as markets await data and Fedspeaks this week. DXY was last at 99.01, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Some consolidation expected in the interim

"Soft labour market report has already swung the probability of Fed cut in Sep to 95% (vs. 40% as of 31 July). Bullish momentum on daily chart shows signs of fading but decline in RSI moderated."

"Some consolidation expected in the interim. Support at 98.30 (21, 50 DMAs), 97.20 levels. Resistance at 100 (100 DMA), 100.50 levels. Focus this week on ISM services data (Tuesday); initial jobless claims (Thursday) and Fedspeaks."