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US Dollar July High Provides Support after the Break

US Dollar July High Provides Support after the Break

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

US Dollar July High Provides Support after the Break

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Focus remains towards an estimated channel top above 99.00 although I’d be aware of horizontal levels at 98.33/58 as near term roadblocks. These horizontal levels are defined by the August 2015 and March 2016 highs. There is one interesting tidbit worth mentioning regarding the EUR/USD and DXY relationship. Non-confirmations between these 2 markets (EUR/USD accounts for 57% of DXY) warn of ‘traps’ or false breakouts and non-confirmation is precisely the order of the day as DXY has surpassed its July high but EUR/USD remains above its July low. Stay tuned…

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

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