USD At Technical Crossroads
Mike Paulenoff | Feb 22, 2017 01:41PM ET
The U.S. Dollar Index has recovered to probe key resistance at 101.70/80, which for now is putting a bit of a lid on the most recent climb from 100.41 on Feb. 16.
A sustained climb above 101.80, especially in reaction to a catalyst like Wednesday's FOMC minutes, could trigger a sharp up-spike that propels USD directly toward a retest of its Jan. high-zone at 103.00-103.60/80.
Conversely, USD failure to sustain above 101.80 followed by a decline that breaks 100.85 will trigger initial indications that a larger topping formation (since early Nov.) is in progress.
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