Watching the $USD - Key Support and Potential Breakout
Been keeping a close eye on the $USD lately, specifically around that 93.395 level we touched today. It's interesting because it's not just a random low; it aligns with some prior support from a few months back. If we look at the daily chart, this area has acted as a pretty significant pivot point before, and the bounce off it today, even if modest, suggests some underlying demand.
Now, the bearish candle we printed with the 3.43% down move is certainly eye-catching, but the critical question for me is whether that 93.395-93.50 zone holds. A sustained break and close below that range on higher volume would seriously invalidate the current support idea and could open the door for a much deeper correction, perhaps towards the 92 handle. On the flip side, if we can consolidate here and build a base, even a short-term one, I'd be looking for a potential bounce back towards the 95-96 area, which has been a resistance ceiling recently. It's a tricky spot, but I'm leaning towards respecting the prior support until proven otherwise. Just my two cents, always open to differing views.