US Dollar Faces Resistance and Choppy Trading
The US dollar has seen choppy trading this week. We made a run for highs, but found steep resistance at 98.82. We are seeing progressively lower highs, with a consistent lower bound at 98.73 suggesting that we might be forming a bear wedge pattern on a larger scale. If so, we would anticipate the price to test 97.89 or 97.73 again soon. If we are wrong and the price breaks out, then 98.82 must be broken then highs at 99.40. After that, our next target is 99.82.
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