RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

I suspect the dollar will generally track within a tight range today from 94.25 down to 93.56 as the currency markets wait for the overall results of a series of key fundamental issues. The most likely fundamental issue to present a key outcome this morning is the latest report on US jobs with a modest improvement likely to press the dollar down toward the bottom of the range. Although, seeing the passing of an airline bailout package could apply additional pressure, but without real stimulus, on top of positive claims, the trade will probably be unwilling to extend the October slide we have experienced. Momentum studies trending lower should accelerate a move lower if support levels are taken out. The next downside target is now at 93.37. The next level of resistance is around 93.80 and 94.10, while 1st support hits at 93.50 and 93.37.

USD Dec ’20 Daily Chart
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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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