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U.S. Dollar Index risks a potential move to 89.20 - UOB

FXStreet reports that Quek Ser Leang at UOB Group’s Global Economics & Markets Research, assesses the outlook for the US Dollar Index (DXY).

“USD Index broke the rising trend-line support about 2 weeks ago, rebounded but over the past few days, it staged a rather swift and impulsive decline and is currently holding just above 89.68. Weekly MACD is turning negative and the improved downward momentum suggests that a breach of 89.68 would not be surprising and would indicate that USD Index is heading towards the early January low of 89.21. That said, for USD Index to move to 89.21, it has to maintain the current rapid pace of decline and should not move above the declining trend-line resistance (currently at 90.65). Looking ahead, the next support below 89.21 is at 88.85 followed by the 2018 low of 88.25.”

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