Dollar Index is stuck in a tight range around 96.92 right now, just below the 200 EMA at 97.04 which keeps capping any bounce attempts. Yesterday was wild - shot up to 97.27 early then dumped hard to 96.49, but today's action is pretty flat and choppy between 96.80-96.95. Honestly not seeing clear direction yet.

The macro backdrop is interesting though. Fed just held rates steady at the end of January after those three cuts they did last year, and the jobs report came in hot with 130K payrolls - biggest monthly gain in over a year. That pushed yields up and markets are now expecting the next rate cut got postponed from June to July instead. Meanwhile the CPI data that was rescheduled due to the government shutdown should be the next big catalyst. If the delayed CPI number surprises either way, it could reshape the whole rate timeline. Plus the Yen is getting stronger from Japanese intervention, which is adding pressure on the dollar too.

On the chart, support is at 96.80 with the 96.49 low as a bigger floor. Stochastic is getting oversold but no bullish cross yet. Really need a close above 97.04 to shift the bias back to bullish, otherwise we're probably just consolidating more until that rescheduled CPI print gives us direction.