US dollar vulnerable after a breakout from a weekly trendline

The US dollar has remained heavy after this week’s CPI report indicated that inflation is gradually cooling off, boosting speculations that the Feds could start implementing rate cuts. The US dollar index which tracks the US dollar performance against a basket of assets failed on its second attempt to stay above a trendline that has been running since May 2021, leaving the Bulls in a struggle to secure 100.80 support which was the low of January 2023. Should the current price level fail to spark any bullish revival, the US dollar could drift lower beyond the 100.00 price level with the Federal Reserve yet to decide on its next policy approach.