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USD At Technical Crossroads

Published 02/22/2017, 01:41 PM
Updated 07/09/2023, 06:31 AM

The U.S. Dollar Index has recovered to probe key resistance at 101.70/80, which for now is putting a bit of a lid on the most recent climb from 100.41 on Feb. 16.

A sustained climb above 101.80, especially in reaction to a catalyst like Wednesday's FOMC minutes, could trigger a sharp up-spike that propels USD directly toward a retest of its Jan. high-zone at 103.00-103.60/80.

Conversely, USD failure to sustain above 101.80 followed by a decline that breaks 100.85 will trigger initial indications that a larger topping formation (since early Nov.) is in progress.

4-Hour U.S. Dollar Index

Latest comments

Really looks like a classic H & S to me
Sometimes H and S patterns break in the bullish direction.
When they complete the last shoulder, they do
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