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  • The rest of the New York trading session is absent major scheduled event risk with US markets closed for the Martin Luther King Jr holiday. There is always a risk of unscheduled developments
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.50% Gold: 0.41% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eXSdZgvVeB
  • 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
US Dollar Poised to Hit Fresh Peaks as our Data Calls the Turn

US Dollar Poised to Hit Fresh Peaks as our Data Calls the Turn

David Rodriguez, Head of Product

- Retail forex traders remain long the US currency, but a substantial shift accurately called for reversal

- We see technical evidence that the Dollar is setting up for much larger move higher

- Next moves in the Buck could prove pivotal, and we’re watching our FX trader sentiment data

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

View individual currency sections:

EURUSD - Euro Likely in Major Reversal, but Pace of Losses May Slow

GBPUSD - British Pound May Continue to Gain for this Reason

USDJPY - Dollar at Risk of Breakdown versus Japanese Yen

NZDUSD - New Zealand Dollar Defies Expectations and Flies Higher

GOLD - Gold Price Tumbles Point to Broader US Dollar Reversal

USDCHF - Swiss Franc Likely to Fall Further versus US Dollar

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

ssi_table_story_body_Picture_18.png, US Dollar Poised to Hit Fresh Peaks as our Data Calls the Turn

A substantial shift in forex trader sentiment accurately called for a US Dollar reversal versus the Euro and other counterparts. What’s next?

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_19.png, US Dollar Poised to Hit Fresh Peaks as our Data Calls the Turnssi_table_story_body_Picture_5.png, US Dollar Poised to Hit Fresh Peaks as our Data Calls the Turn

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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.

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

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