Difficult to say why the Dollar had a bit of a rebound yesterday. Was it the (non-) results of the midterms, the crash in cryptos or was it the preparation for today's CPIs? In any case, the Dollar-Index (DXY) bounced back above the 110 level and we won't know until this afternoon if the rally was justified. Recent CPI releases have been consistently Dollar bullish, but from a technical perspective today may not be quite as easy. However, I still think the current level is too high and stick to looking for shorts.
Of course, players with less bias (which is always a plus) can first look at Dollar longs above 110. But current spot is quite far away from today’s key levels (pretty much right in the middle). While support is around 109.45/36, key resistance does not come in until 111.35/40. You can also toss a coin here, although scalpers may find good opportunities.
I will not dive into the individual currency pairs again today. My most important average remains the 50 ema for orientation.
Current Spot Level
EURUSD 0.9993 > 50 ema 0.9930
GBPUSD 1.1392 < 50 ema 1.1434
AUDUSD 0.6406 < 50 ema 0.6505
USDCHF 0.9858 < 50 ema 0.9872 (note reverse quotation)
Economic Calendar NY Time/FFT Time
08:30 am/14:30 Uhr CPI YoY (Oct) 8% exp (8.2% previous)
08:30 am/14:30 Uhr CPI YoY ex Food & Energy 6.5% exp (6.6% previous)
08:30 am/14:30 Uhr Jobless Claims 220k exp
Good luck,
Sebbo