Commerzbank is looking for a support break in the U.S. dollar

New York (Nov 2)   Karen Jones FSTA and Axel Rudolph FSTA at Commerzbank have taken a look at the dollar index chart in the bank's latest technical research note. The team point out that there could be an Elliott Wave formation looking to complete on the weekly chart below.

They said "The US Dollar Index has held the 5-month uptrend at 91.45 and bounced higher. Key resistance is 94.47/79. We await the break from this range to determine direction."

They also added "We have seen the US Dollar Index bounce off its short-term uptrend, leaving it still stuck between the 93.45 uptrend and key overhead resistance offered by 94.47/79. This is the location of the highs since September 2020, the 38.2% retracement, and the 200-week ma – the resistance looks the stronger of the two! But we await a break out to confirm direction. Hopefully, this break from the range will be seen this week as we await central bank meetings in the US, UK, and Australia this week.".

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