Dollar: USDX Rangebound
August 4th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
When an important support is taken out, there can be a period of limbo where the asset is drawn back around the support. I don’t know why this happens, but it’s a eerie thing to watch. The USDX has been doing that for the past 20 hours.
The range is 77.750 to 77.451. Most of the action is below 77.688.
Massive intervention is probably underway. Dollar bulls are attempting to jumpstart a rally by cranking it over 77.688. Several attempts have failed in the past seven hours. The bears have just been stomping it out. This is bloody knuckles stuff.
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