The US dollar’s breakout from a long-standing falling channel on Oct 28 was accomplished with the assistance of the euro and the yen — both of which have been steadily weakening.
What might it mean, then, that the dollar just reached a point of important overhead resistance as the other two reached important support? Might it take on added importance since, as BofA/Merrill pointed out yesterday, the long dollar is currently the most crowded trade?
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