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USD Index Techs: A Medium-Term Assesment

FOREX

The USD Index hasn't weakened since the low print of 91.75 on Sep 1. The medium-term chart however continues to highlight a bearish USD theme.

  • Moving average analysis highlights a downtrend. Both the 20- and 50-day EMAs remain in a bear mode condition.
  • Momentum, looking at the 14-day RSI, is not highlighting any structure that would provide an early warning sign of base building.
  • Key resistance levels worth noting are:
    • 93.17/44, the area between the 20- day and 50-day EMAs.
    • 94.30, Nov 4 high
    • 94.74, Sep 25 high and the key reversal trigger. A break would signal a change in the medium-term direction
  • Key support levels to watch:
    • 92.13, Nov 9 low.
    • 91.75, the key bear trigger and Sep 1 low. A break would resume the broader downtrend that started in March and open levels around 90.60.
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