The DXY looks technically soft and prone to more losses – Scotiabank

The US Dollar is heading for a soft close on the week. Economists at Scotiabank analyze Greenback’s outlook.

USD flashes weak technical signals

The US Dollar Index (DXY) looks technically soft and prone to more losses; daily and weekly price signals are bearish. 

The daily chart shows a bearish ‘engulfing’ line and a similar signal is building on the weekly chart. A low close today, at or near current levels, will confirm these signals while a push below last week’s DXY low at 102.77 will add to short-term losses and the generally bearish tone of the charts.