The US dollar edges lower due to bearish inertia across the board. On the daily chart, the pair is still hovering above last May’s lows of 126.50 as the bulls strive to keep the outlook rosy in the medium-term. The price action has stabilised above 127.80 with the latest bounce above 128.90 suggesting an improved mood. Still, the bulls will need to clear the faded peak at 131.50 before they could regain the upper hand. Otherwise, a drop below 128.30 could make the greenback walk on thin ice above 126.50.
