The US Dollar set a fresh yearly high earlier this week but, once again, got caught at Fibonacci resistance at 94.47. This is the 38.2% retracement of last year's sell-off and it held the high in late-Sept, just ahead of the Q4 open and it held another advance this week.
The corresponding pullback has since held support at prior resistance, taken from the ascending triangle formation that I had highlighted a few weeks ago.
This runs from 93.47-93.74 and support holding here keeps the door open for another run at resistance and, perhaps, fresh highs.
Next week sees the focus shift elsewhere, with a heavy outlay of earnings from US corporates on top of inflation readings out of the UK, Europe, Canada and Japan.
The corresponding pullback has since held support at prior resistance, taken from the ascending triangle formation that I had highlighted a few weeks ago.
This runs from 93.47-93.74 and support holding here keeps the door open for another run at resistance and, perhaps, fresh highs.
Next week sees the focus shift elsewhere, with a heavy outlay of earnings from US corporates on top of inflation readings out of the UK, Europe, Canada and Japan.
