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Don’t get too long of the greenback - BAML

FXStreet (Guatemala) - Analysts at Bank of America Merrill Lynch explained that while they remain LONG TERM US dollar bulls (targeting the 106.00 area in the US dollar Index), in the near and medium term the US dollar is set to struggle/ correct lower.

Key Quotes:

“Indeed, EUR/USD has already begun to correct higher”.

“We look for this correction to continue in the weeks ahead towards 1.28/1.30”.
“Above 1.2559/1.2578 should result in an upward acceleration. Back below 1.2416(week long channel base) warns that the larger bear trend is resuming more quickly than anticipated”.

“Turning to USD/JPY, while we can't rule out a deeper probe of the 115.28/ 117.70 target zone, this remains a very late-stage advance and we cannot recommend initiating new longs at current levels”.

“Indeed, a break of 115.72/114.89 would point to a top and turn, exposing a deeper pullback toward 110.09 (Oct-08 high) and potentially below”.

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