On the downside, where dips look like buying opportunities, we may see a run back to 81.00 and below that to minor rising trend support at around 80.70. Below 80.60 would signal yet another upside failure and would revert back towards the 200 DMA at 80.25 and to the 100 DMA at 80.06, but these are looking increasingly distant and I don’t think they should come under pressure for a fair while.
As we said last week, continue to concentrate on the Euro and the Chf and leave the Yen alone. Gbp is also looking increasingly under pressure. This weeks FOMC, GDP and NFP will be crucial to see whether the dollar actually has the legs to continue its run higher.
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