What's in Store for the US Dollar?
The US dollar has receded again, and we warned you about the issues it may have at highs. We explicitly called your attention to the fact that breaking the upper 93 handle would confirm bullishness and it does not appear that the dollar is ready for this yet. That being said, 92.72 will provide support, which we are nearing at this point. Watch this level because if there is more bear momentum, we have several vacuum zones below and the DXY could easily retrace to lows again. Wait for the Fed event tomorrow to confirm anything definitive.
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