Daily chart is showing head and shoulder pattern. Uptrend line is already broken. The price is rejected by support turn resistance level. There are a lot of sell orders at that level.
The Fed still have intent to increase interest rate at the end of the year 2023 should the inflation continue to stay above 2% target. As US Interest rate increase, the USD demand will be high and thus attract a lot of buying pressure for USD. DXY is correlated with other USD pairs. When DXY is going up and other USD pairs will be going down.
The Fed still have intent to increase interest rate at the end of the year 2023 should the inflation continue to stay above 2% target. As US Interest rate increase, the USD demand will be high and thus attract a lot of buying pressure for USD. DXY is correlated with other USD pairs. When DXY is going up and other USD pairs will be going down.