Forex | Forex | G10 FX: USD & JPY Weaken on Expectations for Moderating Drop in U.S. GDP (31/07/2009 14:19:21)

G10 FX: USD & JPY Weaken on Expectations for Moderating Drop in U.S. GDP

DXY – Off after yesterday’s rally. The DXY index (79.104) is down overnight, continuing to retrace Wednesday’s rally. The index has broken above downtrend resistance in place since early July. Resistance lies at 79.193 (mid-June low), 79.35 (early-July low), 80.892 (July high) and 81.466 (June high). Our long DXY position does not reflect a long-term bullishness. Rather, the greenback looks oversold, and equities and other risk assets look overbought, and so we expect some paring of positions.


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