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  • $ARKK down to a fresh three month low but finding some support on this confluent fibo level. If the rates theme continues could add more pressure here https://t.co/vfi4AHZKHd
  • tech side of the $USD forecast already starting to fill in with today's bullish breakout 😎 https://t.co/vHVn9WtWKX
  • I just finished my USD 4Q fundamental forecast with @JStanleyFX (who did the techs) at the end of last week. Today certainly jazzes up my assessment
  • The S&P 500 has opened with a sharp gap lower while the Dollar pushes an 11 month high. DailyFX's @JohnKicklighter talks about volatility, debt limits, and Fed forecasts! https://t.co/xNr8VZi1SC
  • $SPX trying to hold support after failing at resistance yday $SPY $ES currently about 4% off of the all time high https://t.co/uo5ohs01UU
  • Nasdaq tumbles 2% $NDX
  • The ICE's trade-weighted $DXY Dollar Index is at an 11 month high today. Notably, its largest component - $EURUSD - has not slipped the August low https://t.co/RbkyJVC2Oq
  • Stocks extend fall, Dow Jones down 1% following worse-than-expected US Consumer Confidence #trading $DJIA
  • Big enough disappointment to heap onto the risk aversion but not bad enough to restart speculation of a delayed November taper from the FOMC. Net net, further bearish pressure on $SPX https://t.co/oprOLVTdQX
  • The $SPX has opened today with its biggest bearish gap since last Monday's tumble. Officially squashes the recovery momentum and now we are more balanced in facing fundamental event risk - bullish or bearish https://t.co/hW5U62hWez
USDOLLAR Index Breakout Looking Healthy, but Breather Possible

USDOLLAR Index Breakout Looking Healthy, but Breather Possible

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD finds support at late-May low just above $1.0800.

- USDCAD attempting for fresh yearly highs above C$1.3000.

- See the DailyFX economic calendar for Monday, July 20, 2015.

Market attention is starting to divert itself from Greece and back to two overarching themes: the ECB's QE through September 2016; and the Fed's desire to raise rates in 2015. The familiar situation of falling European sovereign yields, rising European (and global) equity markets, and a depreciating Euro are all back in play today - one which should be fairly quiet given the empty economic docket.

See the above video for technical considerations in EURUSD, AUDUSD, USDCAD, USDJPY, and the USDOLLAR Index.

Read more: Euro and Gold Drop To Major Lows, Dollar and Pound Continue to Climb

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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