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US dollar shows renewed signs of weakness
The bounce seen in the Dollar Index last week looks highly likely to be over, with a failed attempt to break higher, coupled with a subsequent move below the $95.87 swing low. This move lower created a short-term double-top, with a projected target of $95.15. However, I would expect to see further losses in the near future yet will be looking out for a break below $95.66 first to instigate that move. Therefore, while I could see a bounce from the $95.66 support level, I would also expect any such move higher to fail in its attempt to break back towards the $96.52 peak and thus move back to the downside. In the coming days I do expect the price to deteriorate further, towards the $95.15 and $95.00 support levels.