The US dollar softens as traders take profit ahead of July’s job data. On the daily chart, the pair is seeking support in a pennant consolidation and it would be too soon to call a bearish reversal. The recent rally above 0.9590 prompted some sellers to cover their positions, leaving the door open for a potential rebound. 0.9660 is the closest hurdle and its break could raise offers to 0.9790. 0.9540 is a fresh support and a breakout would bring the buck back to 0.9480 where it could be vulnerable to another sell-off.
