Unlike 2008’s hysteria, the US dollar is part of the downside, not the obvious liquidity destination (at least as implied by its price action). That role in the short-term at least, is being played the Euro and Yen, presumably on global speculators’ short covering.
Weekly Uncle Buck has hit what we have been noting as key support today. A loss of that level would target below 88.
Chiming in on this is the longer-term monthly, which shows strong support, should that happen. But it also shows additional long-term support at current levels. So I would not be surprised to see Uncle Buck bounce from this level either.
Just some perspective for you on a currency that is usually front and center during these negative market hysterias, but is not at this point.
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