Jan 21 (Reuters) - The U.S. dollar will probably soar while a key Fibonacci support level continues to prop up the greenback in the short-term.
The dollar partially rebounded on Tuesday after sliding the day before as President Donald Trump suggested the U.S. could impose tariffs on Canada and Mexico by Feb. 1, challenging suggestions his trade policy may be more gradual.
The USD index, which tracks the greenback against a basket of six major currencies, on Tuesday registered a low at 107.860 before making recovery moves.
The 107.860 low is ahead of a key 107.805 Fibo, a 23.6% retrace of the 100.150 to 110.170 (September to January). While the 107.805 Fibo level remains intact, there is a good chance for an even bigger recovery to probe the 2025 110.170 peak in coming sessions.
However, a break under the 107.805 Fibo will shift the overall bias back to the downside.
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(Martin Miller is a Reuters market analyst. The views expressed are his own, editing by Ed Osmond)
((martin.miller@thomsonreuters.com))
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