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US Dollar Index starts poorly
The index is pushing below the key $97.00 level, which marked support last week. With November opening on a weak note and no Fed meeting for some time, it will take some impressive jawboning from Fed members to put this market on an upward trajectory. On the hourly chart there is some limited support around $96.68, but a move through there would pose the risk that a swift drop back to $95.12 is in the offing. Dollar bulls have to get the index back to $98.00 to suggest the move down has run its course.