The US dollar grinds lower as efforts to avert a banking crisis after the collapse of SVB cut short rate hike expectations. December’s highs around 138.00 have proven to be a tough hurdle to lift. A subsequent break below 135.60 triggered a wave of sell-off and a combination of profit-taking and fresh selling compounds the amplitude of the liquidation. 132.50 is the next level to see if buyers would make a comeback. Failing that, 131.00 could be in the bears’ crosshairs. On the upside, 134.70 has turned into a fresh resistance.
