Having earlier squeezed up to a session high of 0.9674 the dollar then turned lower in the US session, falling to a low of 0.9618 and is looking heavy heading into Friday trade.
On the downside, the dollar has so far pulled up just ahead of the 100 MMA (0.9600), which should be decent support but below which would allow a move towards 0.9565, 0.9545 and eventually to 0.9515.
On the topside, resistance will again be seen at 0.9670/75 ahead of 0.9700 although it seems unlikely that we head back above here today unless the CPI is a strong reading. If wrong, look for an eventual squeeze back towards the 0.9772 session high.
Preferred Strategy: Neutral although the 4 daily momentum indicators do seem to be aligning to point lower.
|24 Hour: Neutral||Medium Term: Neutral|
|0.9772||8 Aug high||0.9625||Session low|
|0.9725||Minor||0.9611||9 Aug low|
|0.9695||200 HMA||0.9600||100 MMA|
|0.9674||Session high||0.9565||(61.8% of 0.9440/0.9772)|
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