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USD Index risks a correction before 121.02 comes into focus – RBS

FXStreet (Barcelona) - Noting that the USD Index might be close to an important short-term top, the Research Team at Rabobank, believes that a lower correction might be seen before DXY resumes its run towards 121.02.

Key Quotes

“With the RSI at stretched levels and a correction already somewhat overdue based on historical performance, scope for further gains not only looks limited in our view, but the short-term bias might actually shift to the downside.”

“If that proves to be the case, the January high at 95.527, which coincides with the upside trendline from the December low, will provide important support.”

“We would like to emphasise that it would require a fairly sharp correction well below the 90 level to cause serious damage to the prevelant upside trend.”

“After all, the bullish breakout of the downside trendline resistance from the 1985 top could be just the beginning of a long-term reversal with the 2001 high at 121.02 as next potential mid-term target.”

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