Description
⋅ After ranging for more than 2 months and reaching a 29-month low, the dollar started to show signs of reversal.
The reversal took off strongly and broke above the top of its previous range just below 94 with very little pause.
The dollar continued to climb and finally reached the top of a 6-month falling channel where resistance was presented.
However, a reversal failed to take place and the dollar went out to break above the previous day high on the very last trading day.
US dollar rose amid a risk-off market sentiment and also due to a technical oversold.
The dollar is likely to inch higher further before Friday's NFP.
We will keep our short-term view bearish or slightly towards ranging for now until it reaches the supply zone above 95.