DXY near 102.26 as EUR/USD and GBP/USD await US CPI
ITF Team3 min read
The US Dollar Index hovers around 102.26 ahead of the November CPI, while EUR/USD tests 1.11632 and GBP/USD holds above 1.3373, reflecting mixed data and central‑bank moves.
Key takeaways
- DXY traded at 102.059 on 11/9/2026, with resistance at 102.259 and 102.488.
- EUR/USD was 1.11655, just above the 1.11632 pivot, on 11/9/2026.
- GBP/USD sat near 1.3385 after reclaiming the 1.3373 pivot on 11/9/2026.
- US CPI data is scheduled for release on November 10, 2026.
On November 9, 2026 the US Dollar Index (DXY) lingered just below the 102.26 level as traders braced for the US consumer price index (CPI) due on November 10. The euro‑dollar pair hovered around 1.11655, slightly above its technical pivot of 1.11632, while the sterling‑dollar pair traded near 1.3385 after bouncing off the 1.3373 support. The proximity of these key levels highlights the market’s sensitivity to upcoming inflation data and recent central‑bank actions.
Dollar index under pressure and near‑term bias
The DXY was quoted at 102.059 on the two‑hour chart, sitting just under the 102.259 pivot. A close above that pivot and the descending trendline would open the path to the next resistance at 102.488, suggesting a renewed upside for the greenback. Conversely, a break below the near‑term support at 101.891 would flip the bias bearish, pulling the index toward 101.704.
Technical indicators show the RSI remaining above the neutral 50 mark, but it has slipped beneath its signal line, indicating a slight weakening of momentum. The dollar’s support stems from solid US labour market data – 165,000 jobs added in October and unemployment at 4.1% – which keeps the Federal Reserve’s rate‑hike case alive despite recent market volatility.
EUR/USD rebounds to test 1.11632 pivot
The euro‑dollar pair edged to 1.11655, just above the 1.11632 pivot identified from the November 6 session. Both the short‑term and longer‑term moving averages sit above price, providing a modest bullish cushion. The first Fibonacci recovery level at 1.11832 acts as near‑term resistance, with a stronger barrier at 1.11996.
Support lies at 1.11310 and 1.11023, forming a shaded zone that absorbed the previous sharp sell‑off. RSI has crossed back above its signal line but stays under 50, hinting that the rebound may be corrective rather than a full trend reversal. A sustained two‑hour close above 1.11996 would invalidate the bearish setup, while a drop below the pivot could reignite selling pressure.
Read also: Gold price stalls near $4,148 ahead of US CPI release
GBP/USD holds above 1.3373 after trendline bounce
Sterling regained ground to trade near 1.3385 after a bounce off the rising trendline that connects higher lows. The 1.3373 pivot, also a key support level, was reclaimed, and price now sits just above the blue moving average. However, the falling red moving average still caps the upside.
Resistance is marked at 1.3425 and then 1.3463. On the downside, the next floor is 1.3328, followed by the trendline itself. RSI has moved out of oversold territory (below 30) and crossed above its signal line, yet remains under 50, giving a slightly bullish tone. A clear break above the red moving average would strengthen the recovery, while a two‑hour close below 1.3373 would invalidate the bounce.
Central‑bank backdrop and upcoming data
The Federal Reserve’s policy outlook remains hawkish after recent comments that reinforced expectations of further tightening, even as technology‑sector volatility persisted. With the labour market still tight, the Fed may keep the door open for another rate hike if November CPI shows persistent price pressure.
In Europe, the European Central Bank left rates unchanged on October 29 but warned that higher energy costs could reignite inflation, leaving a December hike on the table. The Bank of England raised its Bank Rate to 4% on November 5, citing stronger activity and energy‑related inflation pressures. Both moves add to the dollar’s relative strength, as higher policy rates abroad can support their currencies, but also raise the spectre of tighter global financing conditions.
What to watch next
Traders will focus on the US CPI release on November 10, followed by producer‑price data on November 13. A headline CPI reading above expectations could push the DXY back above 102.259 and fuel further dollar buying, while a softer print may allow EUR/USD and GBP/USD to test higher levels.
- US CPI (Nov 10, 2026) – core and headline figures
- Producer Price Index (Nov 13, 2026)
- ECB policy decision – December 2026 meeting
- BoE next rate decision – early 2027
Frequently asked questions
Why is the DXY hovering around 102.26 before the CPI release?
The index sits at 102.059, just below the 102.259 pivot, because recent US jobs data showed solid employment and the Fed has signalled possible further tightening, keeping demand for dollar‑denominated assets high. The upcoming CPI will confirm whether inflation remains strong enough to justify another rate hike.
What technical level could trigger a bullish move in EUR/USD?
A sustained two‑hour close above the resistance at 1.11996 would invalidate the current bearish setup and could open the path toward the next Fibonacci barrier around 1.1220, allowing the euro to rally further against the dollar.
How does the Bank of England’s recent rate hike affect GBP/USD?
The BoE raised its Bank Rate to 4% on November 5, supporting sterling by making UK assets relatively more attractive. This helped GBP/USD reclaim the 1.3373 pivot, but the pair remains capped by the falling red moving average, so further upside depends on whether inflation pressures persist.
Official data sources
Related news
- Gold price stalls near $4,148 ahead of US CPI release
- Dollar index subdued as lower oil prices ease inflation pressure
- Silver price nears $53 as oil falls and inflation pressure eases
- Gold rebounds above $4,100 despite strong US NFP data
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This article is compiled from international market news for information only. It is not investment advice.