DXY: More losses on a break under 103.95/104.00 – Scotiabank

FXStreet Insights Team FXStreet

The USD is ending the week on the defensive. Economists at Scotiabank analyze Greenback’s outlook.

Charts do suggest more short-term pressure on the US Dollar Index

DXY fair value based purely on weighted 2Y spreads lies just above 104 today, very close to where the index is trading but that does not necessarily preclude more weakness in the near-term.

The charts do suggest more short-term pressure on the index, with heavy selling interest developing today to leave a bearish, short-term print on the intraday chart; price action implies strong resistance for the index at 104.55 now and the risk of more DXY losses on a break under 103.95/104.00.

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FXStreet Insights Team

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The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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