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BofA: bullish on USD

Bank of America remains bullish on the US currency. They continue to see USD index weakness as corrective and temporary before the larger bulltrend resumes for a move towards 82.33/82.67 and beyond.

"Now, we are on increased alert for a base and bulltrend resumption from the 79.95/79.82 zone. An impulsive break of 80.23 would confirm that the upturn has resumed," BofA projects.

"On the downside, key support is seen at 78.99 (Oct-25 low) below here invalidates our bullish USD index view and says we are in a greater choppy environment that currently anticipated," BofA adds.

Source: Bloomberg

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