Dec 30 (Reuters) - The U.S. dollar looks set to rise further in January due to a combination of seasonal, fundamental and technical factors.
FX traders should note that the dollar is usually in demand at the start of each year. An analysis of the January performance since 2000 of the USD index, shows it has risen in 15 of the past 25 years.
Rising U.S. Treasury yields have been a tailwind for the dollar, with the benchmark 10-year note hitting a more than seven-month high last week.
The USD index, which tracks the dollar against a basket of six major currencies, has scope for an eventual probe of the major 108.962 Fibo, a 61.8% retrace of the 114.78 to 99.549 (2022 to 2023) drop. Fourteen-week momentum remains positive, reinforcing the overall bullish market structure.
An eventual USD index break above the 108.962 Fibo would unmask the 110.00 psychological level initially and then the 111.185 Fibo, a 76.4% retrace of the same 114.78 to 99.549 fall.
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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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