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11 Mar 2013
Forex Flash: Additional USD gains likely - BBH
Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman sees that fundamental and technical analysis suggest additional US dollar gains are likely.
His next target for the Euro is near $1.2880 and over the slightly longer-term, a return to the mid-November low near $1.2880 and over the slightly longer-term a return to the mid-November low near $1.2680. He adds that the caveat is more often than not in recent weeks, the euro moves in the opposite direction (NY close to NY close basis) on Monday than it did on the preceding Friday. Chandler writes, “We suspect the $1.3050-70 area should offer initial resistance.”
His next target for the Euro is near $1.2880 and over the slightly longer-term, a return to the mid-November low near $1.2880 and over the slightly longer-term a return to the mid-November low near $1.2680. He adds that the caveat is more often than not in recent weeks, the euro moves in the opposite direction (NY close to NY close basis) on Monday than it did on the preceding Friday. Chandler writes, “We suspect the $1.3050-70 area should offer initial resistance.”