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Pullback in US Dollar Helped Dollar Index to Recover From its Recent Lows

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The US dollar has had a dramatic decline in recent months. But the dog days of summer are unlikely to last for the greenback. Many of the factors that appear to explain recent weakness for the currency — particularly against its G10 peers — may struggle to hold sway in the months ahead. One of the most popular cyclical arguments for softness in the dollar is that US growth will slow further, or be unable to bounce back quickly, because of the apparent “second wave” of Covid-19 infections spreading throughout the country, which implies an extension or expansion of lockdowns. On the surface this seems a reasonable assumption, but it does not amount to a forecast of future dollar weakness

TREND : WEAK BEARISH / SIDEWAYS

Time                                      :           12/08/2020

Pivot                                      :           1.1748

Technical View                     :             LONG ABOVE 1.1768

Target                                   :            1.1788, 1.1796, 1.1845, 1.1878

Technical View                     :             SHORT BELOW 1.1728

Target                                   :            1.1708, 1.1674, 1.1651, 1.1592

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