DXY targets 120 L/T. USD bull marlet to continue – BofA Merrill

“The Bloomberg US dollar index is approaching all-time highs. The number of USD crosses above their 200-day moving average has broken out higher. The number of USD crosses reaching overbought on RSI (bullish momentum) continues to rise.

The USD cumulative advance-decline line recently signaled for tactical USD strength and would turn outright bullish with a trend line break. The index can confirm with a close above 1255.

DXY monthly wedge breakout continues The long-term DXY chart implies significant upside for the DXY. This week’s breakout through 100 ended the two-year range and makes 120 a long-term target”.

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