The dollar tumbled upon a bearish cypher, in line with our previous weekly forecast.
While the dollar is not fundamentally weak, the previous bull run has caused a technical overbought.
And so during the FOMC where the Fed is widely expected to keep rates unchanged, the dollar lost its ground.
Besides, the Brexit was finally over and a major factor for risk-off is out of the picture which caused safe-haven currency such as dollar and yen to lose its demand.
This week, we expect the dollar to continue the current bearish run and will face some support near 97 but will eventually fall further and reach 96.
While the dollar is not fundamentally weak, the previous bull run has caused a technical overbought.
And so during the FOMC where the Fed is widely expected to keep rates unchanged, the dollar lost its ground.
Besides, the Brexit was finally over and a major factor for risk-off is out of the picture which caused safe-haven currency such as dollar and yen to lose its demand.
This week, we expect the dollar to continue the current bearish run and will face some support near 97 but will eventually fall further and reach 96.
