Via GS on the US dollar index
- Elliott Wave and momentum analysis point to a medium term top
- turn in trend ahead of 103.82, the Jan 2016 high and multi-year range highs
- Multi-month downside targets are seen to back to the 88.46/88.25
- 1st sign of downside potential would come on a break below 96.20
- confirmation would come from a break of 2yr channel support (now 95.00)
A move through the 103.82/104.21 resistance zone would invalidate the bearish view and point to renewed upside potential.
