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.
For more click on
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Speculative Positions Chart: Daily Chart:
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Martin Miller is a Reuters market analyst. The views expressed are his own)
((martin.miller@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.