The dollar has posted its biggest loss in a month since 2009.
One glance at the monthly timeframe, the dollar is certain to have confirmed its peak at 103.
It is also almost certain that the dollar has begun a mid to long term bearish trend as it fell back to the starting point of a 2-year rising channel just above 93.
Since we are certain that the dollar will continue to weaken, how far can it go?
At a glance, I'd say it will face little support towards 89, a major resistance since 2009 until it was broken in late 2014, turned major support since early 2018.
The fed has made it clear that it will hold rate low and unchanged through 2022, the unprecedented amount of money printing, and the dire situation faced in the US economy due to the pandemic and many other political issues, can only lead the dollar further south.
It is probably unnecessary to explain too much why the dollar will fall as there's little to no reason that the dollar should climb, apart from being a safe haven currency, which...I don't know...imagine gold just keep popping up from the ground, what would happen to its value?
Anyway, since the dollar is still somewhat seen sitting at a 26-month low near 93, I suppose there'd be significant pullbacks, which probably won't last for long before it continues south.
One glance at the monthly timeframe, the dollar is certain to have confirmed its peak at 103.
It is also almost certain that the dollar has begun a mid to long term bearish trend as it fell back to the starting point of a 2-year rising channel just above 93.
Since we are certain that the dollar will continue to weaken, how far can it go?
At a glance, I'd say it will face little support towards 89, a major resistance since 2009 until it was broken in late 2014, turned major support since early 2018.
The fed has made it clear that it will hold rate low and unchanged through 2022, the unprecedented amount of money printing, and the dire situation faced in the US economy due to the pandemic and many other political issues, can only lead the dollar further south.
It is probably unnecessary to explain too much why the dollar will fall as there's little to no reason that the dollar should climb, apart from being a safe haven currency, which...I don't know...imagine gold just keep popping up from the ground, what would happen to its value?
Anyway, since the dollar is still somewhat seen sitting at a 26-month low near 93, I suppose there'd be significant pullbacks, which probably won't last for long before it continues south.
