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Dollar index weekly review

The dollar index has met a resistance at 93.8 in its downtrend and is likely to resume it this week. 92.6 is the support it has to break to continue further which is also a long term strong support. The daily MACD has crossed up, so it could be a range bound week.
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Dollar Index current review

The US dollar weakness in july seem to have halted for the time being as the MACD on daily chart has crossed to upside indicating halt in downward momentum. So Dollar index is likely to be in a rangebound condition for next few days. Also 92.5 to 93 is a good long term support level where it has bounced from. If the chart forms a double bottom here at 93, then it would test 95 in coming week. Euro likely to test 1.2 level and that would be likely bottom of dollar index.
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Continuation of Japanese Yen strength

Yen failed to break the resistance at 114.20 and has fallen back into the range of 111 and 114. With weakness of dollar index and doubt over next FOMC action, Yen is set to test 111 support base again. However, with a negative rate policy of japanese central bank, 110.5 would be difficult to break. Yen crosses like GBPJPY, CHFJPY are set to fall more than other yen crosses.
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