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TFC Commodity Trading Forum

U.S.$ Index/ At Important Price Point *PIC*

DX has been in a 5 month 3 point trading range and is back into the 81 to 82 resistance area which is the Fib 50% retracement level of the May/11 to July/12 rally. If price is to breakout of this range, as it appears to be setting up for, price must hold above 81 and at least consolidate between 81 and 82 for awhile. A breakout would need to see price clear 82. This would suggest a double top over 84 once again and would see many inverse markets get trashed much like last summer. Meanwhile 'resistance is resistance'. And this area is definitely resistance.