The US dollar has continued to pick up, breaking back into a previous value area held at the end of July. We have breached 106.13 after a strong selloff from a 'beat' with CPI took us down to the 104's. We are in roughly the middle of a value area between 106.13 and 107.20. This latter level should serve as a hard upper bound unless momentum can come through. If we are able to break 107.20, then the next target is 108.50.
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