With the USD forging another upside breakout, the market has now filled a gap left by the early November sell off in the USD which in turn could signal an extension to 94.00 level. However, in the event that the USD shows any weakness following favorable US economic data, which includes jobs related data, todays action could be a very valuable trend signal. The bias is up in the USD, but data could present a reversal of a market that is extremely overbought right now. Technical indicators have risen into overbought territory which will tend to support reversal action if it does occur.  A positive signal for the trend in the short term was given on a close over the 9-day MA. The next area of resistance is around 93.50 and 93.70 with support coming in at 93.00 and 92.75.

USD Jun ’21 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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