US dollar overstretched and in need of a correction?

Analysts at Brown Brothers Harriman noted that the US dollar had been sold hard in the second half of December through last week and suggest upside risks from here.

Key Quotes:

"Regardless of one's medium or longer-term views, the technical indicators warn that the sell-off is stretched and in need of consolidation, if not a correction."

"The Dollar Index has formed a shelf near 91.75.  Recall that the 91.55 area, which was briefly violated last September, marks the 50% retracement of the 2014-2016 rally."

"The 61.8% retracement is near 88.40.  A move above 92.30 may be needed to lift the tone."  

"We see the 92.60-92.85 area as an important area."

"The RSI has already begun moving higher and the Slow Stochastics are set to turn higher.  The MACDs remain soft."