-The USD index is trading softer and has done since it got rejected around the 81.44 level last month. Reversals that occur in January should be respected as it has been a key reversal month over the last 11 years.
-The overall bias is for circa a 3 - 4% decline in the USD down to the significant low back in November 2010 at 75.63, potentially onto the 2011 low at 72.70 as targets for Q2 and Q3 of this year. This view would need to be reconsidered on monthly closes above 81.44.
-The overall bias is for circa a 3 - 4% decline in the USD down to the significant low back in November 2010 at 75.63, potentially onto the 2011 low at 72.70 as targets for Q2 and Q3 of this year. This view would need to be reconsidered on monthly closes above 81.44.
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