Courtesy of Chris Kimble.
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Line (1) is drawn of “Monthly Closing” prices. For the past eight years the U.S. Dollar has found this line to be very stiff resistance. At the same time the US$ is at resistance bullish sentiment remains at levels that has seen the Dollar take a breather in the past!
Odds are pretty good the the US$ needs to take a breather for a while and cause bullish sentiment to back off a little, before it can take out this 8-year resistance line.
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