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  • Despite China's better-than-expected 6.5% 4Q GDP report, $USDCNH is still up on the day. There is strong external influence on this rate, but Dollar still exerts the greater pressure. If it breaks 6.50 and Biden keeps pressure on China trade, I'll be watching https://t.co/5W5tcfeTZ5
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.16% 🇦🇺AUD: -0.25% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BrmnTuolx0
  • The Capitol of the United States has been temporarily shut down ahead of President-Elect Biden's inauguration out of caution
  • Another Dollar pair on my radar is $USDCHF. Its 20-day day correlation coefficient to EURUSD is -0.90 (very strong negative). If the latter's break is sustained, both have appeal. If it stalls (soon), USDCHF is still abiding its resistance which supports establishing levels https://t.co/Pcre3xCbYd
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.13% France 40: 0.11% Germany 30: 0.09% Wall Street: 0.07% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZXdpvpEJJ3
  • Germany's central bank (Bundesbank) warned earlier today in its monthly report that if the government extended its Covid lockdown, the country could suffer "a sizeable setback"
  • The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. Get your $USD update from @MBForex here: https://t.co/hVshzMbc31 https://t.co/LG0HG9fQ4c
  • There are a few Dollar pairs that have offered up a provocative, tentative technical break to suggest a reversal is possible. EURUSD is the top of my list to watch but $NZDUSD is of interest as well with many kiwi crosses offering similar view https://t.co/Ss74IIOdc7
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.27% 🇳🇿NZD: -0.28% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/uDoBCy0PfZ
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.34% France 40: 0.18% US 500: 0.07% Wall Street: -0.02% FTSE 100: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sjo06l6WZa
Traders Get it Right as Dollar Hits it Big - What Now?

Traders Get it Right as Dollar Hits it Big - What Now?

David Rodriguez, Head of Product

- Retail forex traders take profit on US Dollar-long positions on major reversal

- Substantial pullbacks in price and sentiment suggests USD reversal in place

- We’re looking higher for the US currency versus the Euro, GBP, NZD, CHF, and Gold

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

View individual currency sections:

EURUSD - Euro Finally Makes the Move We’ve Been Watching

GBPUSD - Major Shift in British Pound Sentiment Confirms the Top

USDJPY - Dollar Not out of the Woods versus the Japanese Yen

NZDUSD - New Zealand Dollar Sets Tradable Top versus USD

GOLD - Gold Prices Likely Set Significant Peak

USDCHF - Swiss Franc Reversal Shows Promise

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

ssi_table_story_body_Picture_12.png, Traders Get it Right as Dollar Hits it Big - What Now?

The Dollar finally set the price reversal we’ve been waiting for, and retail FX traders were heavily long into the bounce. What now?

See specific US Dollar forecasts in the sections above, and sign up for future e-mail updates via this author’s e-mail distribution list.

ssi_table_story_body_Picture_13.png, Traders Get it Right as Dollar Hits it Big - What Now?ssi_table_story_body_Picture_5.png, Traders Get it Right as Dollar Hits it Big - What Now?

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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

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

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