Jan 17 (Reuters) - The U.S. dollar remains on track for much bigger gains in the days and weeks ahead, as the technical outlook remains quite bullish.
Steadfast dollar long positions could well be rewarded with big gains in the days and weeks ahead. On the USD index, which tracks the greenback against a basket of six major currencies, the 14-day momentum reading remains positive.
The USD index looks set for an eventual rise to probe a long-term Fibonacci level at 111.185, a 76.4% retrace of the 114.78 to 99.549 (2022 to 2023) drop.
The dollar steadied on Friday, but was on track to end the week lower after a six-week winning streak, while investors turned their focus to Donald Trump's presidential inauguration and awaited the incoming administration's policies.
FX traders should be on alert for fundamental factors that could lead to a reversal in the greenback's fortunes. A USD index drop below this week's 108.590 low would be a sign of trouble.
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(Martin Miller is a Reuters market analyst. The views expressed are his own. Editing by Alison Williams)
((martin.miller@thomsonreuters.com))
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