While the USD short term remains technically oversold, the bias does remain down. Unfortunately, the US nonfarm payroll report is a coin flip, as historic conditions and large numbers should mean big surprise potentials. This report came in lower than expected today at 245,000. With a prevailing view in the marker that the US economy is losing recovery momentum against the idea that the economy will get beyond the crisis, today’s reaction in the dollar should be temporary.  Getting short the USD is suspect from a trade location perspective but should agree with the ultimate trend. Today’s disappointing jobs report reaction might be delayed until late in the session when expectations for stimulus will either be confirmed or denied. Resistance comes in at 9095 and 9130 with support at 9035 and 9010

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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