U.S. Dollar Index's Bias Tilted Downward, Chart Shows
Dow Jones08-04
0628 GMT - The U.S. Dollar Index's bias is tilted downward, based on the weekly chart, says Quek Ser Leang of UOB's Global Economics & Markets Research in a research report. In a sudden move last week, the index plunged and broke below the 55-week exponential moving average, the senior technical strategist notes. While the sharp fall has tilted the bias downward, flat exponential moving averages suggest any declines should remain contained within a range of 97.63-101.64, the strategist says. May's low and base of weekly Ichimoku cloud are near 97.63, while last week's high and top of weekly cloud are both at 101.64, the strategist adds. The U.S. Dollar Index is 0.1% higher at 100.035, LSEG data show.
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