The US dollar corrected from 98.70 to 97.58 in the USDX after Jerome Powell’s Jackson Hole speech, where he acknowledged labor market cooling and broader economic slowdown, leaving the door open to easing in September. According to CME FedWatch Tool, the probability of a 25 basis point cut on September 17 rose to 87.3%.
Support and resistance levels
The long-term trend remains bearish: price is moving down from 148.85 toward support at 146.33. A break below this level could push the pair to 142.50, while failure to break could see a rebound toward 148.85 and 150.70.
The medium-term trend is still bullish, but the pair is correcting lower and may test support in the 145.47–144.96 zone. From there, long positions targeting 147.93 and 150.91 could be relevant. A break below 144.96 would mark a trend reversal toward 140.40–139.93.
Resistance levels: 148.85, 150.70, 154.80.
Support levels: 146.33, 142.50, 140.25.
Trading scenarios
Short positions can be opened below 146.33, targeting 142.50, with a stop-loss at 147.85. Implementation period: 9–12 days.
Long positions can be opened above 148.85, targeting 150.70, with a stop-loss at 148.04.
Scenario
Timeframe: Weekly
Recommendation: SELL STOP
Entry point: 146.30
Take Profit: 142.50
Stop Loss: 147.85
Key levels: 140.25, 142.50, 146.33, 148.85, 150.70, 154.80
Alternative scenario
Recommendation: BUY STOP
Entry point: 148.90
Take Profit: 150.70
Stop Loss: 148.04
Key levels: 140.25, 142.50, 146.33, 148.85, 150.70, 154.80