7/8 – LONG USD (SHORT EUR/USD)

The US Dollar Index is now probing the half-way mark of an amended bull channel. The 10-day moving average (now @72.58), which provided resistance in late June, is now supporting. The previous 3 rebounds amounted to 2.5 point up moves, a similar sized move would project a test of channel resistance @74.50.


Strategy Summary : LONG USDX AT 72.60 FOR 74.50 (NEW TARGET), REVISED STOP AT 72.53
SHORT EUR/USD AT 1.5727 FOR 1.5355 (NEW TARGET), REVISED STOP AT 1.5746