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11 Feb 2013
Forex Flash: Dollar Index looks technically constructive – BBH
Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that although the Dollar-Index (DXY) failed to make a new high before the weekend, holding just below the high set on Thursday near 80.28, the settlement was near the high of the day and the technical tone remains constructive.
He feels that the key area to watch is near 80.50 as it corresponds to where the downtrend line drawn off the mid-Nov high near 81.50 and the Jan 4 high just below 80.90. He finishes by writing, “It also corresponds to a retracement objective of the losses from that mid-Nov high.”
He feels that the key area to watch is near 80.50 as it corresponds to where the downtrend line drawn off the mid-Nov high near 81.50 and the Jan 4 high just below 80.90. He finishes by writing, “It also corresponds to a retracement objective of the losses from that mid-Nov high.”