Blake Morrow’s Chart of The Day – September 3rd 2021
If you watched the “Week Ahead” video on Sunday of this last week, I had thought the DXY would weaken into the number. Today, we are at channel support with the jobs report tomorrow. It will be “make or break” for the index following the highly anticipated report. A stronger number would strengthen the USD index as traders would anticipate a more hawkish FOMC statement (and possible taper announcement) on the 22nd. A weaker number would signal the Fed could push back the taper calls and the USD index may fall towards the 200dma. Needless to say, the 92.00-92.15 level channel support will be pivotal in the weeks ahead.