Credit Suisse economists they remain bullish on the US dollar and see the possibility of one last push higher later in the fourth quarter.
The recovery of the dollar is considered exaggerated in the short term
“The latest move to a new cycle high for DXY has not been confirmed by weekly momentum, suggesting a trend running out of steam. Although we maintain our long-standing bullish outlook, we believe that early in the fourth quarter may A phase of consolidation will ensue, before a possible final stronger push in the USD to reach 118.37 on DXY, potentially the 2001 high of 121.02.”
“Well support at 109.29 till 107.68 which is a set of levels that includes the 55 day moving average, the 23.6% retracement of the entire 2021/2022 uptrend and the September low which ideally is a solid bottom. weakness extends (not our base case), we would expect strong support next at 105.01/104.64.”
Source: Fx Street
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