DXY: Likely to face a range-trade for now – OCBC

US Dollar (USD) snapped decline overnight as US data - initial jobless claims, prelim services PMI surprised to the upside while UST yields drifted higher. DXY was last at 97.71 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

2-way trades likely

"Daily momentum was flat but RSI rose. 2-way trades likely, with risk slight skewed to the upside in the interim. Resistance at 97.60 (21 DMA), 98.35 (50 DMA), 99.60 levels (23.6% fibo retracement of 2025 high to low). Support at 97, 96.40 levels. Day ahead brings durable goods orders."