USD Index eyes next resistance at 113.70 – OCBC

US Dollar Index (DXY) extends its gains further north of the 113.00 hurdle. Economists at OCBC Bank expect the index to remain on a solid foot.

Slight risk to the upside

“Mild bearish momentum on the daily chart shows tentative signs of fading while RSI is rising. Slight risk to the upside.”

“Resistance here at 113.70.”

“Support at 112.40 (50% fibo retracement of Sep high top Oct low, 21 Day Moving Average), 111.85 levels (38.2% fibo), 111.20 (23.6% fibo).”

See: USD Index to return to the late-September 114/115 highs over the coming weeks – ING