- Analytics
- News and Tools
- Market News
- Current USD strength seen as temporary and corrective – Credit Suisse
Current USD strength seen as temporary and corrective – Credit Suisse
The US Dollar Index (DXY) has recovered strongly but despite this strength analysts at Credit Suisse view this as a temporary rally before the risk turns lower in due course.
Close above 102.64 would suggest the DXY is back on a broad and choppy range
The DXY continues to recover strongly but despite this, our bias for now remains to see this as temporary and corrective following the completion of a large bearish ‘triangle’ continuation pattern, and we thus stay bearish and look for an eventual resumption of the core downtrend.
Price and 55-DMA resistance at 102.56/64 need to cap on a closing basis to maintain our negative stance for a fall back to 99.58/50 ahead of what we would look to be better support at the 61.8% retracement of the 2021/2022 uptrend and 200-week average at 98.98 and 98.26 respectively.
A close above 102.64 though would suggest the DXY is back on a broad and choppy range and the current recovery can extend further yet to the July high and 200-day average at 103.57/93 but with a better cap expected here.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
