USD Index weakens as EUR/USD, USD/JPY face selling pressure
The US Dollar Index has declined 0.4% to 104.20, showing vulnerability across major pairs as traders reassess the Federal Reserve's hawkish stance. EUR/USD has rallied 0.5% to 1.0580, breaking above the key 1.0550 resistance level on improved Eurozone sentiment data and expectations of continued ECB tightening. USD/JPY dropped 0.7% to 149.30, with the yen strengthening on speculation that the Bank of Japan may adjust its yield curve control policy sooner than anticipated. EUR/CHF remains stable near 0.9650, reflecting balanced safe-haven flows. Technical indicators suggest the dollar's near-term weakness could extend, with the DXY testing support at 104.00. Key resistance for EUR/USD sits at 1.0620, while USD/JPY faces immediate support at 149.00. Traders should monitor upcoming US inflation data and Fed commentary for potential reversal signals in dollar positioning.
Related Symbols:
EURUSD
USDJPY
EURCHF
DXY
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