US dollar's technical outlook remains poor - BBH

Analysts at Brown Brothers Harriman explained that the US dollar's technical tone remains poor and market psychology is nearly universally hostile toward it.  

Key Quotes:

"The dollar is as unloved as it has been in years.  It is off to its worst start since 1987, when the central banks had begun trying to stabilize it after the Plaza Agreement in September 1985, which drove the dollar lower. 

The Dollar Index has approached a key technical area, and although the technical indicators we look at have not turned in its favor, the downside momentum may slow.  The 88.40 area is the 61.8% retracement of the Dollar Index rally that began in mid-2014.   The 200-month moving average is found near 88.25.  The Dollar Index's low last week was 88.44.  A break below this general area would target 86.25-87.25."