US Dollar finds some support near 94.60 ahead of key data

• The greenback’s decline halted around 94.60 so far.
• US 10-year yields bounce off session lows in sub-2.83% zone.
• Retail Sales and July’s Empire State Index coming up next on the US docket.

The greenback, in terms of the US Dollar Index (DXY), is trading on a negative mood at the beginning of the week although it manages to rebound from lows in the 94.65/60 band.

US Dollar focused on US data releases

After last week’s positive performance, the index has now started the week on the bearish side, receding from levels above the 95.00 milestone to the current area of contention near 94.60.

In the meantime, the down move in yields of the key US 10-year note have found some support in the sub-2.83% area and are currently helping the buck to stage some tepid bounce.

Later in the day, June’s Retail Sales and the Empire State manufacturing index are due in the US calendar preceding Fed’s Powell testimonies on Tuesday and Wednesday.

US Dollar relevant levels

As of writing the index is losing 0.11% at 94.60 and a breach of 94.44 (10-day sma) would open the door to 94.04 (23.6% Fibo of the April-June up move) and finally 93.71 (low Jul.9). On the flip side, the next resistance emerges at 95.24 (high Jul.13) followed by 95.25 (200-week SMA) and then 95.53 (2018 high Jun.28).