Mish’s Daily: The Spot Where the US Dollar – Still Stands
The Spot Where the US Dollar – Still Stands
You don’t want to miss Mish’s 2023 Market Outlook E-available now
Written by Michele ‘Mish’ Schneider and Wade Dawson
Despite the debate about the strength or weakness of the US Dollar, it will remain one of the most important currencies in the world for decades and will continue to cause trouble for some.
Still, new monetary paradigms are shifting in the global oil market and Sovereign foreign currency reserves as two examples.
So, where is the USD going?
Only time will tell, but in the long term, the dollar will most likely drift lower but is in a unique area of support and resistance now.
The US dollar has weakened almost 50% from the highs earlier this year, so breaking this 50% support area could alter the dollar’s trajectory and if holds, could provide continued support for now.
If you want to learn more about the US Dollar, Click here to get a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox and read her column for regular updates.
The chart below shows the US Dollar compared to the Euro. 1.07 is a support level for the Euro.
1.09 also happens to be the 50% retracement from the highs, so most likely, the Euro will find resistance coinciding with this area, but the Euro might also strengthen.
These intersections are generally dependable resistance areas, and the EURO will likely hit 1.09 resistance and turn back down.
However, if the Euro rises to 1.11, that might signal a larger paradigm shift in currency trends.
Despite a challenging year for asset markets, the U.S. dollar remains an essential cornerstone of financial transactions worldwide and means of exchange.
If you want to improve your relationship with money and cultivate true abundance in your life, read Mish’s work.
Unlocking your potential for profiting from trends could be easier than you think and remember to keep your eye on key 50% support levels for the dollar’s next move.
Mish’s Market Outlook 2023 is a book you should read now!
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ETF Summary
S&P 500 (SPY) 384 support and 392 resistance
Russell 2000 (IWM) 172 pivotal support and 180 resistance
Dow (DIA) 330 support and 338 resistance.
Nasdaq (QQQ) 265 support and 273 resistance
Regional banks (KRE) 56 support and resistance 62.
Semiconductors (SMH) Support is 211 and 220 resistance.
Transportation (IYT) 220 pivotal support and 230 is now resistance.
Biotechnology (IBB) 127 is pivotal support 168 overhead resistance.
Retail (XRT) 60 pivotal support and 65 is now resistance.
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