Dec 3 (Reuters) - Speculative dollar long positions were steady as FX traders remain confident that the greenback will see bigger gains in the days and weeks ahead.
The dollar long position - derived from net contracts of International Monetary Market speculators in the euro, yen, pound, Swiss franc, Canadian and Australian dollars - was only slightly cut. For the week ended Nov. 26, the value of net positions held by speculators was trimmed to $21.98 billion long from $22.57 billion a week earlier.
The dollar climbed this week as political turmoil in France undermined the euro. Markets are waiting on U.S. employment data on Friday to finesse bets on whether the Federal Reserve will cut rates later in the month.
The USD index, which tracks the greenback against a basket of six major currencies, closed last week under the 106.126 Fibo - a 23.6% retracement of the 100.15 to 108.09 (September to November) rise - usually a bearish sign.
However, the subsequent failure to remain under the 106.126 Fibo warns of a possible "bear trap".
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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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