Log In

The Technical Analyst

Main Menu

  • Home
  • Research
    • Provider Directory
  • Training
    • Introduction
    • Calendar
    • In-house training
    • e-Learning
    • Our clients
    • Testimonials
  • Awards
  • Contact
  • Sign Up

Top in USD?

Thursday 20 September 2018 15:00 BST

The USD has broken below key support and may have formed a top, according to Sejul Gokal, Chief Technical Strategist at GO-TechniKAL Insight.

Looking at a chart of the Bloomberg Dollar Index (BBDXY*), Gokal notes how it has broken below the bullish trend channel from June and the 100-day moving average (Chart 1), after having reached the 50% Fibonacci retracement of the 2017 decline (Chart 2). He sees this as part of a bigger picture; with emerging markets rallying, the re-emergence of a synchronised global growth theme and the move away from a safe-haven USD.

Gokal also points to the Commodity Futures Trading Commission (CFTC) report, which shows that USD leveraged positioning versus all the G10 currencies has turned to net long (see Chart 2). This also happened back in early 2017 just before a c. 12% fall in the index.

The abovementioned developments lead Gokal to strengthen his conviction of a top in the USD.

See Chart 1 / Chart 2

* See Bloomberg factsheet for explanation of BBDXY vs DXY

 

Research Archives

2021

  • January

2020

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2019

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2018

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2017

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2016

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2015

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2014

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2013

  • December
  • October
  • September
  • August
  • July

2004 – 12

Research Categories

AI & Data Science

Commodities & Energy

Equities

Fixed Income

FX

Multi-Asset

Software & Technology

Get in Touch

Global Markets Media T: +44 (0)1483 573150
E:editor@technicalanalyst.co.uk
Sign Up
A:
The Technical Analyst
96 High Street
Guildford, Surrey, GU1 3HE
United Kingdom

The Technical Analyst

Since its launch in 2004, The Technical Analyst has brought technical analysis research and commentary to the institutional financial markets, supported by regular events and training courses.

The Technical Analyst is a division of Global Markets Media Ltd.

Copyright © 2021 Global Markets Media

Footer Menu

  • Cookies
  • Disclaimer
Design by Web Design London
This website uses cookies to store information on your computer. See our cookie policy for details on how to block cookies.
I am happy to proceed