As highlighted yesterday, the greenback's hold on Friday isn't suggestive that things are looking up for the dollar just yet. The inability to break above 95.00 and hold above the 100-hour MA was enough to keep the near-term bearish bias intact and today we're seeing price move back below the 100-day MA (red line).
This is a key test for dollar bulls' momentum as we haven't been in this spot since April when price broke above the 100-day MA. With buyers showing signs of exhaustion, a firm break below the 100-day MA may just be enough to get the ball rolling for further retracement in the dollar's gains this year.
It's still a bit early in the day to call this a break to the downside and to signify the end of the dollar's bullish run over the past five months or so. But this is a chart that you have to be watching in the sessions to come.