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Analysts at Commerzbank, believe that a top is in the process of being formed in the US Dollar Index, despite last week  bounce.  

Key Quotes:  

“The US Dollar Index advanced in five Elliott Waves from its February 2018 low at 88.25 and was rejected by the 97.57/82 area (July 2016 high and 61.8% Fib.). Over the past six months it twice bounced off the 55 month moving average, now at 95.34, but this is likely to be slipped through in the months to come.”

“The weekly RSI is still showing negative divergence which points to a possible bearish reversal.”

“Downside targets would then be the 94.20/93.71 zone (38.2% Fib. 55 week ma, July & September ’18 lows) and the 93.19/92.98 area (June ’18 low and 50% retracement) and perhaps 92.62/24 (Aug ’15, Nov ’17 and May ’18 lows) and the 91.92 May 2016 trough.”