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US Dollar Index – Focus on Former Highs for Reactions

US Dollar Index – Focus on Former Highs for Reactions

2016-11-29 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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US Dollar Index – Focus on Former Highs for Reactions

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to the DXY chart or comments. “Monday’s (11/14) close settled above channel resistance, indicating potential for upside acceleration (could be a ‘blow-off’). The importance of the break through resistance is accentuated by the fact that channel resistance (former now) was support earlier this week (on 11/17 dip).” DXY hasn’t disappointed, having traded through the 2015 highs. Former highs at 99.83 and 101.51, along with former channel resistance, should be watched for support.

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