Market Trends: DXY Weakens, Silver Surges, Ethereum Recovers & Soybeans Hold Range

1. U.S. Dollar Index (DXY)

The U.S. Dollar Index has extended its sharp decline, breaking through multiple support levels. The price is now hovering around 104.20, close to a key support at 103.88. The recent breakdown below 105.50, a previously tested support-turned-resistance, suggests further downside momentum. If 103.88 fails to hold, the next critical support is at 103.07. The rapid decline is likely fueled by macroeconomic weakness and expectations of a dovish Fed. Any short-term relief could see a test of 105.00, but overall, the trend remains bearish.

KEY LEVELS:

• Support: 103.88, 103.07
• Resistance: 105.50, 106.00

2. Silver (XAG/USD)

Silver has continued its bullish trend, rallying to $32.36 after bouncing from a key support zone at $31.60. The breakout above $32.00 confirms bullish momentum, with the next major resistance at $33.22. Price action suggests strong buying interest, especially as DXY weakens. A retest of $32.00 as support would further strengthen the bullish case. If momentum continues, silver could challenge its yearly highs soon.

KEY LEVELS:

• Support: $32.00, $31.60
• Resistance: $33.22, $34.00

3. Ethereum (ETH/USDT)

Ethereum has rebounded strongly from $2,072, confirming it as a local bottom. The price has reclaimed $2,240 and is now attempting to break above $2,300. If successful, the next target would be the $2,400-$2,450 supply zone. The recent recovery aligns with improving sentiment in risk assets, supported by a weaker USD. However, a failure to hold above $2,240 could lead to another retest of $2,122.

KEY LEVELS:

• Support: $2,240, $2,122
• Resistance: $2,400, $2,450

4. Soybean Futures (ZS)

Soybean futures remain range-bound between $960 and $1,080, with recent price action showing a bounce from the lower bound. The price is now testing $1,020, a mid-range level that has acted as both support and resistance in the past. A breakout above $1,050 could confirm bullish momentum, while a rejection would signal another move towards $960. Volume is picking up, suggesting increased trader interest at these levels.

KEY LEVELS:

• Support: $960, $1,000
• Resistance: $1,050, $1,080