USD to remain under pressure if concerns dissipate – OCBC
|The US Dollar Index (DXY) trades little changed as markets continue to adopt a cautious stance. Economists at OCBC Bank expect the greenback to come under renewed downside pressure if concerns around the banking system ease.
Next resistance at 103.40, support at 102.80
“On net, the mix of growth worries, lingering concerns of banking stresses could temporarily benefit safe haven proxies such as JPY, Gold and USD in the interim. But if concerns dissipate, we should expect USD to remain under pressure with risk proxies should recover.”
“Next resistance at 103.40 levels (50% fibo retracement of 2023 low to high, 50-DMA), 103.95 (38.2% fibo) and 104.20 (21-DMA).”
“Support at 102.80 (61.8% fibo), 102 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. 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.