USD looks set for further consolidation and potentially even further short-term strength – Credit Suisse
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The US Dollar is expected to see a lengthier but still temporary consolidation/recovery phase, according to economists at Credit Suisse.
“The DXY extends its consolidation as expected beneath the 55-DMA at 103.65/96. A close above here would suggest a deeper recovery can be seen to 105.63, potentially the 38.2% retracement of the 2022/2023 fall and 200-DMA at 106.15/45. We would expect this to prove the extent of the recovery though, and we would look for this to cap to define the top of a broader range.”
“Post this consolidation phase, our bigger picture view remains that 101.30 will eventually break, triggering further weakness later on to test 99.82/37, then the 61.8% retracement at 98.98.”
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