The US dollar has been exhibiting dramatic volatility lately. We tested the highs of the range at 113.38, before a hard rejection smacked us back down to 111.66. Support failed there, and we subsequently tested the next level at 111.37. We received support at this level and have currently recovered the middle of the range. Dedicated readers have heard us state this range for a while now, and a mean reversion trading strategy would have been extremely profitable. We anticipate the range between 111.37 and 113.38 to hold. If we are able to break out we could test highs of 114.54.
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