USD Index: Price objective should be somewhere closer to 95-96 levels in the medium term – OCBC DollarIndex Banks
weekly chart, bearish momentum remains intact. Thus, economists at OCBC Bank expect DXY to plunge toward 95.96 over the next months.“Near term, daily momentum is showing signs of mild bullish bias while RSI rose. Price action also resembles a falling wedge pattern – typically associated with a bullish reversal. We do not rule out the risk of rebound in the near term.” exhibited a head & shoulders pattern with neckline around 104.10. Further downside puts next support at 102.15 .
“Assuming what we are seeing is an eventual playout of a head & shoulders beyond the near term, then the textbook price objective of the breakdown should be somewhere closer to 95-96 levels .” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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