Dollar falters ahead of major technical resistance
Oct 30 (Reuters) -The U.S. dollar might have peaked ahead of solid technical resistance that has helped to halt sustained October greenback gains.
The dollar backed off a three-month peak on Wednesday as investors waited for key economic data. Data showing a loosening U.S. jobs market but a confident consumer has provided little clarity on the outlook for Federal Reserve rates, allowing the greenback to drift lower with Treasury yields.
The USD index, which tracks the dollar against a basket of six major currencies, has faltered ahead of the major 104.719 Fibo, a 76.4% retrace of the 106.13 to 100.15 (June to September) drop. The large upper shadow on Tuesday's candlestick line points to a likely rejection of the upside.
There is scope for a USD index setback to theOct. 21 103.41 low initially in the days and weeks ahead. However, a break and daily close above 104.719 Fibo would shift the overall bias back to the upside.
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Martin Miller is a Reuters market analyst. The views expressed are his own. Editing by Alison Williams
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