Analysts at UOB Group argued that the risk of a short-term top has increased considerably in DXY.
Key Quotes:
“For now, another push higher towards 95.53 is not ruled out, but barring a clear break above 95.75, we expect USD Index to unwind its strong gains over the past few months and a pull-back could it carry it lower to the major support zone at 93.40/60.”
“In the short-term, a break below 94.17 would act as an early indication that a deeper and sustained pull-back has started.”
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