Technical analysis tips the U.S. dollar index’s short-term trend as lower, Wells Fargo Investment Institute said in a note dated Monday.
The dollar index measures the greenback against a basket of currencies, although it tends to be weighted toward the euro.
“The U.S. dollar index has rolled back over and will look to find support,” Wells Fargo said.
It tipped the first support at the 2009-10 highs of 88-89 and then at the 2012-13 highs of 84-85. Resistance will likely be first at the 50-day moving average of 90.25, followed by the 200-day moving avaerage at 93.08, and the recent high of 94.94.
The dollar index was at 90.051 at 12:40 A.M. SGT.