FXStreet (Barcelona) – MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, believes that the USD Index requires a break above 97.77 to expose the highs of its 93.13-100.39 range.
Key Quotes
“The US $ Index remains confined to its 3m, 100.39/93.13 range bound environment. While evidence says that the range lows at 93.13 should not break and that said range should resolve higher for a push towards 106.00, in the near term we are neutral.”
“The levels that matter for this near term fence sitting are the May-27 high at 97.77 and the Jun-04 low at 94.65. A move above exposes the range highs and would give an early warning for a resumption of the long term uptrend, while a break of 94.65 would expose the 93.13 range low and setup a potential low risk, high reward buying opportunity.”
(Market News Provided by FXstreet)