Head and shoulder patter breakout at 94.80, heading towards 91.60
USDollar currently trading at 94.45, trading below 50MA at 94.92 and downside support holding at 94.25 or 100MA followed by 93.75 or 200MA. Trend seems weak with all fundamentals squawking around where Daily chart showing Head and shoulder pattern breakout at 94.80 which should fall till 91.65 which is a potential target. Meanwhile few hurdles at 100 and 200MA a break can see a sharp fall to our expecting targets. In this context, one can plan for counter currencies like Eurusd can rise to 11800 and Gbpusd to 1.3300, Audusd to 0.7300. Every dip is a buying opportunity for these pairs. Overall selling in dollar and buying in cross currencies is advised for coming days.
Suggestion: SELL DOLLAR AT 94.50 FOR 91.65/91.50
Levels to watch:
Support: S1: 94.25 S2: 93.75 S3: 93.20
Resistance: R1: 94.90 R2: 95.50 R3: 96.30
The information, analysis and estimates Contained herein are based on BSH Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents BSH Research opinion and is meant for general information only. BSH Research, its directors, officers or employees shall not in any way be responsible for the contents stated herein BSH Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities. BSH Research, its affiliates and their employees may from time to time hold positions in securities referred to herein. BSH Research or its affiliates may from time to time solicit from or perform investment banking or other services for any company mentioned in this document.
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