The recent rebound in the US Dollar Index is over. Economists at Credit Suisse stay tactically negative, looking for a move back to the 100.82 YTD low and eventually what they expect to be stronger support at 98.98/97.89.
Resistance at 103.36 ideally caps to keep the immediate risk lower
“We maintain our 1-3 month negative outlook for a retest of the 100.82 YTD low. Whilst this should be respected, we look for new lows for the year for support next at 100.00 and then what we look to be better support, starting at the 61.8% retracement of the 2021/2022 uptrend at 98.98 and stretching down to 97.44, which also includes the long-term 200-week average, currently at 97.89.”
“Resistance at 103.36 now ideally caps to keep the immediate risk lower. Above can see strength back to 105.12.”
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