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

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(Kitco News) - Karen Jones FSTA and Axel Rudolph FSTA at Commerzbank have taken alook 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 tocomplete on the weekly chart below.

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

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

By Rajan Dhall

For Kitco News

Follow rajfx10rdhall@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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