Update Time: 26 Aug 2014 08:05 GMT
The greenback's retreat from yesterday's fresh 7-month peak high at 104.49 to 103.87 in New York and then 103.75 in Asia today suggests choppy consolidation would be seen, however, as last Friday's breach of 104.13 (April) signals an upside break of the 7-1/2 month broad sideways move from 105.45 9Jan) has taken place, upside bias remains for another up move to 104.88 before correction occurs due to loss of momentum.
On the downside, only a daily close below 103.50 would indicate a temporary top has been formed instead and shift risk to the downside for a retracement to 103.15.
STRATEGY : Buy at 103.65
OBJECTIVE : 104.35
STOP-LOSS : 103.35
RES : 104.19/104.49/104.88
SUP : 103.50/103.15/102.72
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