USD Index to challenge August 10 low near 104.63 on a dip under 200DMA – BBH
|The US Dollar Index (DXY) has given up some of its gains from yesterday and is trading near 106.25. A break under the 200-Day Moving Average (DMA) at 105.43 would set up a test of the August 10 low near 104.63, economists at BBH report.
Near-term USD weakness is likely
“The 200DMA provided support yesterday and come s in near 105.434 today. A clean break below would set up a test of the August 10 low near 104.636.”
“While we still like the Dollar higher due to our constructive fundamental outlook, we acknowledge that near-term Dollar weakness is likely until the Fed narrative shifts once again in our favor.”
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. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.