David Sneddon and James Gilbert at Credit Suisse in London remain bullish on the USD after the Bloomberg Dollar Index (BBDXY*) surges higher and holds neckline support from its large head-and-shoulders base (see Chart).
Sneddon and Gilbert say resistance is next seen on BBDXY at 1112/16, which is the recent high, and the 61.8% retracement of the 2017 fall. Above this, they see further resistance at the April high at 1232, followed by the 78.6% retracement at 1244. They think support should ideally hold at 1191.
* See Bloomberg factsheet for explanation of BBDXY vs DXY