Been watching the Dollar Index bounce around 97 this week and the setup looks pretty choppy. The Fed's holding rates steady at 3.5-3.75% and that stronger-than-expected jobs report last month shifted expectations on the next cut to July instead of June. Market's basically pricing in way less easing now.

On the 1H chart, DXY is stuck below the 200 EMA at 97.04 which keeps acting as a ceiling. We saw it reject from 97.27 earlier and then dump hard to 96.49, creating that classic wide-range reversal candle. Today's been range-bound between 96.80 and 96.95 with no real follow-through either way. The 50 EMA is flattening out and converging from above, so momentum is compressed.

Short term, support's sitting at 96.80, and if that breaks we could retest 96.49. To flip bullish, we'd need a sustained close above 97.04 to challenge that recent high. The Stochastic is dipping into oversold but no bullish cross yet. Friday's CPI print could be the catalyst that breaks this consolidation one way or the other. Until then, feels like more range-bound chop ahead.