Top in Dollar Index?

by Ashraf Laidi

Mar 12, 2009 13:21

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Emerging signs of a top in the dollar index as the currency falters against EUR, AUD, NOK, NZD and even JPY. GBP remains the exception, whose fundamentals in the banking sector remain most bleak. It may be argued that recovering stocks are weighing on USD, but in such conditions wed expect USDJPY to also rally. Chart below shows the index has faltered right at 89.60, which marks the 38% retracement of the decline from the 2002 high to the 2008 low as well as the TL resistance extending from the 120.50 high of Feb 2002. This is a medium term call, which suggests the 86 figure as the next target, supporting 1.2930 in EURUSD and 94 in USDJPY.

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