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- US Dollar Index set to continue its advance toward key resistance at 109.25/110.25 – Credit Suisse
US Dollar Index set to continue its advance toward key resistance at 109.25/110.25 – Credit Suisse
The US Dollar Index (DXY) has advanced firmly last week. The DXY itself maintains a five-year bullish ‘triangle’ continuation pattern and from a technical perspective, analysts at Credit Suisse look for eventual strength to 109.25/110.25, with a fresh pause seen as likely here.
DXY getting closer to the top of its typical extreme zone again
“With a five-year bullish triangle continuation pattern confirmed, we continue to look for further upside from a technical perspective to the September 2002 high and the 78.6% retracement of the 2001/2008 downtrend at 109.25/110.25.”
“Whilst we remain bullish for 109.25/110.25, we continue to see 9% above the 40-week average as the upper end of the ‘typical’ extreme for the DXY, currently seen at 107.47 and we would thus be alert to a fresh interim pause in the uptrend here.”
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