Last week, I had thought the would weaken into the number. Today, we are at channel support with the jobs report tomorrow. It will be “make or break” for the index following the highly anticipated report. A stronger number would strengthen the USD index as traders would anticipate a more hawkish FOMC statement (and possible taper announcement) on Sept. 22. A weaker number would signal the Fed could push back the taper calls and the USD index may fall towards the 200-day moving average. Needless to say, the 92.00-92.15 level channel support will be pivotal in the weeks ahead.
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