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DXY reinforces mid term bullish outlook - JPMorgan

FXStreet (Bali) - The DXY keeps reinforcing its mid term bullish outlook, notes Niall O'Connor, FX Strategist at JP Morgan.

Key Quotes

"Last week’s extension through the next line of key resistance levels for the broad USD picture maintains the potential for further upside in the coming weeks. Our recent special focus report Broad USD picture continues to improve from August 20, 2014, highlighted that the renewed trending bias and breakout through critical resistance levels was part of a medium term bullish shift."

"Last week’s extension and broad-based rally is a critical development for the continuation of that bullish shift. Importantly, the breakout above the 83.00/40 resistance area for the DXY which includes the 76.4% retracement of the decline from the 2013 high (July) and the trendline resistance from the 2010 cycle peak affirms the upside risks."

"In turn, the focus has shifted back to last year’s 84.75 high. Still, this target appears conservative given this week’s advance and momentum acceleration to the current uptrend. Deeper targets start with the 85.64 long term trendline resistance from the 2009 high. Note this week’s breakout area new 83.00 should maintain the more immediate upside bias."

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