Despite ongoing bad data and the potential for a disappointing US monthly non-farm payroll report later today, the dollar broke out to the lowest level since early September earlier today. We suggest that position traders prepare to buy the USD after further weakness this morning, as an extension of record infection counts into next week seems to be likely to spark a series of lockdowns. These lockdowns should rekindle macro economic slowing safe haven buying.

Technically speaking, the close under the 60-day MA indicates the longer term tend could be turning downward. The daily stochastics have crossed over down which is also a bearish indicator. Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market back below the 18-day MA suggests the intermediate term trend could also be turning down. Resistance comes in at 9310 and 9386 while support is at 9204.