US Dollar Index: Risks are to the downside, next support aligns at 109.30 – OCBC

US Dollar Index turned lower, breaking below the 110 handle. Economists at OCBC Bank expect the DXY to extend its move downward.

Bulls running into fatigue

“Bullish momentum on daily chart is fading while RSI is falling from overbought conditions. Risks are to the downside.”

“Support at 109.30, 108.30 levels (21 DMA).” 

“Resistance at 110.50, 111 levels.”