The US dollar index soared with the FOMC statement yesterday, but has since cooled off, feeling out lower levels. We seem to have broken through a trendline connecting lows on this lower bound, but appear to have found support at 96.24, the lowest technical level in the 96 handle, and intersection of our trendline. We should have strong support from 96.24, but if we break below it watch the vacuum zone below to 95.82. With the FOMC behind us, there won't be much more data events this week to drive prices, so anticipate ranging in the 96's. We have several technical levels above, ending at 96.65, which we expect to be a ceiling for now.
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