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Nov 15 - 10:55 AM

USD: DXY Peaked At The Top Of The Channel, Now What? - BofA

By eFXdata  —  Nov 15 - 10:00 AM

Bank of America Global Research discusses the USD Index (DXY) technical outlook and sees a scope for some sharp swings in the near-term.

"The last few substantial cycles of USD strength (according to the DXY) peaked after rising 27-33%. After each cycle, large swings followed to eventually form a top and turn into a downtrend. The current uptrend in the DXY reached the top of the channel by appreciating 28.66% and then sharply dropping 7%," BofA notes. 

"If history rhymes, it may be the start of some sharp swings higher and lower between +/- 105 to 115 before dropping in 2023. We're on watch for a head-and-shoulders top should the DXY rally to the 110s and turn down at YE22 / 1Q23," BofA adds.

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Source:
BofA Global Research

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