The US Dollar Begins the Year with Weakness
The US dollar has started 2022 with weakness, as we have given up the 96 handle and tested lower levels in the 95's. We have broken past our support level at 95.82, but have pivoted at 95.58, which we have added as a new technical level, just above the midpoint of the vacuum zone to 95.26. Since then we have broken 95.82 from above and below, suggesting that we are seeking value somewhere in the range between 95.58 and 96.00. With risk on sentiment in stocks, and inflation worries out of the spotlight for now, we could press lower. If so, watch 95.58, and the vacuum zone down to 95.26. If we catch a relief rally, we must first break 96.00, then 96.24 is the first level in the 96 handle after that.
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