The dollar looks set to soar to probe a major Fibo
Corrects description from "76.4%" to "61.8%" in third paragraph
Nov 22 (Reuters) -The U.S. dollar's bullish cycle is far from over and looks set to make much bigger gains in the days and weeks ahead through key technical levels.
The dollar edged up to a fresh 13-month high on Friday, with little to stop the greenback's rise as investors assessed the outlook for the Federal Reserve's interest rate path. Dollar's rise in recent sessions has been helped by speculative long positions being in good shape.
The USD index, which tracks the dollar against a basket of six major currencies, is focused on 2023's 107.34 peak, a sustained break above which would unmask the 108.962 Fibo: a 61.8% retrace of the 114.78 to 99.549 (2022 to 2023) drop.
Fourteen-day momentum reading on the USD index chart remains positive, reinforcing the underlying bullish market structure. Only a sustained break under this week's 106.07 low would warn of a top and a subsequent reversal lower.
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(Martin Miller is a Reuters market analyst. The views expressed are his own)
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