Technically forming a descending triangle since the start of 2017, the US Dollar is positioned for a technical breakout in the run up to the third quarter.
Fundamentally the US dollar is weakening given softer data likely to postpone rate increases until any other further notice. Administratively, the US is at risk and investors seem to be fleeing to safe havens. This is however not just an American phenomenon as prevalent risks are spreading to various locations around the world.
Should the US Dollar break to the downside, it is likely that we will be testing 11,800 - 11,900 support levels, with opportunity to sell on rallies.
Fundamentally the US dollar is weakening given softer data likely to postpone rate increases until any other further notice. Administratively, the US is at risk and investors seem to be fleeing to safe havens. This is however not just an American phenomenon as prevalent risks are spreading to various locations around the world.
Should the US Dollar break to the downside, it is likely that we will be testing 11,800 - 11,900 support levels, with opportunity to sell on rallies.