Bank of America Merrill Lynch remains bullish the USD Index and bullish the USD against CHF (BofA is long USD/CHF from 0.8816), and EUR. Looking specifically at EUR/USD, BofA argues that the developing medium term, potentially long term, top and turn lower, coupled with the repeated impulsive declines from both 1.3967 (Mar-13 high) and 1.3906 (Apr-11 high) say further downside is coming. "HOWEVER, we want to see more from EUR/USD before we would be willing to step up and act," BofA warns. "Specifically, bears need a break of 1.3720/1.3633 to gain control. Such a break would expose 1.3104 ahead of 1.2777/1.2685 ... (full story)