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.