Technical analysts at Commerzbank AG released a report suggesting that the US dollar index is closing in on a level that could see the currency rebound bringing an end to the long-lasting declining trend. The index tracks the dollar against the other major currencies and the dollar appears to be poised to break through a resistance level of 77.01.
“The 77.01 is a key level to watch, as a rise above that may signal that the bearish trend is over,” said Axel Rudolph, a senior technical analyst at Commerzbank. “If the level is overcome, the next to watch would be 78.33, which represents a 200-day moving average.”
Source: Bloomberg