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Dollar index clings to support at 101.42 for now

Yesterday the noted rebound in the dollar index (USDX) saw it rise from a low at 101.429 to a high at 101.77. That move was covered in at update here at the time as was the noted technical level at 101.42 capping the downside run to the pip. However, an attempt to rise beyond 101.77 yesterday afternoon ran into trouble, when it set in place a minor intraday double top there. The subsequent fall has seen it come very close to taking out that final Fibonacci support level at 101.42 this morning. The rebound in the USD/JPY today and so far refusal of the EUR/USD to rise above 1.1050 is all that has held the downside in check, as far as I can see. The low on the index this morning has been set at 101.455, so as you can see it is hovering just above that technical support level for the time being 
 

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