Yesterday’s bounce came from a too-obvious place — just 0.09 points above the key low at 78.33 recorded in early June — suggesting that traders were not exactly tripping over each other to make sure they got a piece of a potentially important low. We’ll monitor the dollar’s vital signs closely in any case, since a thrust today or Monday exceeding 79.78 (see chart) could significantly improve the outlook for the near term.
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