The US dollar surged as Credit Suisse’s difficulties spurred safe-haven buying. A bearish RSI divergence was a warning sign of a deceleration in the latest rally. The confirmation came in in the shape of an abrupt halt at the mid-February spike of 1.0760 and a clean cut through previous higher lows of 1.0680 and 1.0650. The liquidation of leveraged long positions exacerbated the volatility. The daily support at 1.0530 may trigger some profit-taking as the RSI sank into the oversold area. 1.0670 is the first hurdle in case of a bounce.
