The DXY Index trades with a neutral bias near 103.50.

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• The DXY Index trades with a neutral bias near 103.50.
• Wednesday’s FOMC decision and labor market data will play a pivotal role.
• Low tier data including labor, housing and consumer confidence figures came in mixed.

The US Dollar (USD) Index holds steady near 103.50 on Tuesday, showing a neutral posture after the release of low-tier data. The two-day Federal Reserve (Fed) meeting kicked off on Tuesday and ends on Wednesday with a press conference from Fed Chair Jerome Powell. This makes the markets turn cautious, lending some support to the USD.

Market anticipation regarding the Fed’s future decisions are shifting but remain restrained due to robust recent economic data, suggesting that earlier rate cuts are unlikely. The upcoming FOMC decision and jobs data are expected to further steer market sentiment and shape the easing cycle from the Fed.

On the daily chart, the Relative Strength Index (RSI) portrays a slight positive slope within positive territory, indicating steady buying momentum. This, in combination with the green bars represented by the Moving Average Convergence Divergence (MACD), furthers bullish sentiment and suggests an underlying upward price trajectory.

Meanwhile, the placement of the index with respect to the Simple Moving Averages (SMAs) provides additional insights. Remaining above the 20-day SMA confirms a short-term bullish bias. The DXY’s position below the 100-day SMA could introduce occasional pullbacks, yet sustaining above the 200-day SMA demonstrates that the buying pressure overweighs the selling momentum on larger time frames.

Support Levels: 103.45 (200-day SMA),103.30, 103.00.
Resistance Levels: 103.90,104.00,104.20.

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