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US dollar consolidation continues
The US Dollar Index continues to consolidate, with the price moving back to the Monday low of $99.03 overnight. This is a key level, as a close below $99.03 would complete a small double-top formation, pointing towards a deeper retracement to $98.34, which is Thursday’s main resistance level. However, while the price remains around $99.03, we seem primed for another break higher, given the clear uptrend in play.
A close above $99.59 would confirm the resumption of this trend and would likely spark another leg higher. Main support levels expected at $99.03, $98.61 and $98.34, whereas resistance would be expected at $99.59, $100.27 and $100.79.