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DXY: Persistent trending bias intact - JPMorgan

FXStreet (Bali) - The overall bullish backdrop for the broad USD picture continues to play out, notes Niall O'Connor, FX Strategist at JP Morgan.

Key Quotes

"Last week’s extension through several key hurdles suggests the persistent trending bias is intact. The key highlights start with the breakout in the DXY through the important 84.75/85.03 resistance zone. As mentioned in recent updates, this area includes the 2013 high, the 76.4% retracement of the decline from the 2010 high and the downtrendline from the 2005 high."

"Importantly, this break is consistent with the recent extension in the JPM USD Index above the critical 86.24/33 zone (2013 high). Note that last Friday's close for the DXY confirmed the eleventh consecutive higher weekly close which is a first for this index and in line with the trending bias."

"Corrective retracements are still viewed as buying opportunities. The 84.36/83.86 support levels should now maintain the short term upside bias. While intact, the medium term view should prevail with minor targets located near 86.40, before the 88.71 high from 2010."

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