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Forex Flash: USD Index only modest gains expected in the medium-term - Wells Fargo

By FXstreet.com,  July 10, 2012, 02:43:00 PM EDT

FXstreet.com (Córdoba) - The Wells Fargo team expects only modest US dollar gains against the major currencies over the medium-term. "Slow growth and dovish central banks should weigh on the euro, yen and pound, though modest job gains and extended FX positions could limit the greenback's gains".

"The U.S. dollar should slip against commodity and emerging currencies as those groups benefit from an eventual improvement in market conditions", they say.

Technicals are positive overall for the U.S. dollar index, according to Wells Fargo team. "Expect minor resistance at 83.45 (recent high) and 83.54 (June high). Further resistance is at 84.83 (July 2010 high) and 86.30 (late June 2010 high)", they add. "Initial support is seen at 81.43 (late June low) and 81.16 (mid June low). Further support is at 80.90 (mid-May low) and eventually 78.60 (early May low)".




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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