US Dollar Index: 55-DMA at 100.89 to hold the correction lower – Credit Suisse DollarIndex Banks
is seeing a corrective recovery after breaking key short-term support at 102.35 to complete a near-term top. Next key support is seen at the 55-day moving average at 100.89, which economists at Credit Suisse look to hold. “DXY has broken below 102.35/30, marking a minor top, and given the location that the market has failed at, we believe this warns that a potentially lengthier pause is likely, as well as a deeper correction lower in the short-term.
“The medium-term momentum picture remains supportive and we thus stick with our medium-term bullish outlook and look for an eventual move back above 103.82 post a potentially lengthy consolidation, ahead of a move above the recent high at 105.01.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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