Nov 12 (Reuters) - The greenback is on a relentless rise as a combination of fundamental and technical factors highlight the underlying bullish market structure.
The U.S. dollar rose to a four-month peak versus major peers on Tuesday, while bitcoin extended its record rally as investors continued to pile into trades seen as benefiting from the incoming Donald Trump administration.
The USD index, which tracks the dollar against a basket of six major currencies, ended last week above the 104.719 Fibo, a 61.8% retrace of the 106.13 to 100.15 (June to September) drop.
The USD index bull cycle looks set to continue throughout this week. There is scope for gains to retest the June 106.13 peak, especially as the fourteen-day momentum reading remains positive. A break above the 106.13 level would unmask the 2024 106.51 peak, posted back in April, for a probe in the days and weeks ahead. Related comment.
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(Martin Miller is a Reuters market analyst. The views expressed are his own)
((martin.miller@thomsonreuters.com))
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