Dec 9 (Reuters) - Speculative dollar long positions were quite steady, suggesting a continued confidence 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 Dec. 3, the value of net positions held by speculators was trimmed to $21.56 billion long from $21.98 billion a week earlier.
The USD index, which tracks the greenback against a basket of six major currencies, continues to trade above the 105.057 Fibo - a 38.2% retracement of the 100.15 to 108.09 (September to November) rise. However, fourteen-day momentum remains negative.
If there is a break and daily close under the 105.057 Fibo, that would shift the overall bias back to the downside and put resolute speculative longs under increased pressure.
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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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