The US Dollar Index (DXY) has recovered further than expected but is still capped below its 200-Day Moving Average (DMA). Economists at Credit Suisse analyze DXY's technical outlook.
Risk to turn lower again on a break below 100.55
The DXY has recovered strongly, reversing its prior break of the key 100.82/78 lows. Whilst this throws a question mark over the bear trend and large bearish continuation pattern, only a close above the 200-DMA and July high at 103.57/66 would be seen to turn the trend neutral again, with resistance then seen next at 105.38.
Below support at 100.55 is needed to see the risk turn lower again for a fall back to the 99.58/50 lows, then a test of support at the 61.8% retracement of the 2021/2022 bull trend and 200-week average at 98.98/98.28.
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