USDX Retest of 25.56 by End of Week?
Alright folks, kicking around some thoughts on the $USDX for the week. We're currently sitting around 25.53, having nudged up a bit today. The intraday high was 25.56, which feels like a bit of a magnet, doesn't it?
My gut, coupled with a quick scan of the current market mood, suggests we've got a decent shot at retesting that 25.56 level before the weekend. I'd put the probability at roughly 60%. Why? Well, there's no major earth-shattering news on the immediate horizon to send it plummeting, and the general sentiment leans towards a dollar that's still got a bit of oomph, if not outright swagger. Plus, markets do love to retest previous significant points. It’s like they can’t resist checking if the door is still unlocked. If we do hit it, the real question becomes whether it's a quick tap and fade, or if we find some conviction to push marginally higher. Below 25.50 feels less likely unless some unforeseen macro data drops.