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- USD Index: Corrective gains poised to extend towards 104 – Scotiabank
USD Index: Corrective gains poised to extend towards 104 – Scotiabank
The US Dollar is stronger on the session. Economists at Scotiabank analyze Greenback’s outlook.
Bull technical signals pick up
A further correction in the USD’s hefty Q4 sell-off has been looking a strong likelihood; price action around the late year rebound in the USD generally suggested a major low/reversal on the charts; seasonal trends are USD positive in Q1 – and especially so in January – while markets may have gotten over their skis a little on Fed pricing, although swaps are showing little change this morning, with 18-19 bps of cuts priced in for the March FOMC still.
Technically, corrective gains in the DXY are poised to extend towards 104 (103.87 is the 50% Fibonacci retracement of the Q4 decline in the index) and might reach 104.63 (61.8% retracement resistance).
Support for the index sits around the 103 area now.
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