From Marc Chandler (Marc to Market): The US Dollar has been rallying lately. Chandler writes the lows in the US Dollar from last year (in the $1.0460-$1.0560 area) may be an important level to watch, if things fall apart. Chandler mentioned at this juncture, there is little reason to revise the long-term expectation that the Obama Trump dollar rally will eventually see the euro return to its historic lows near $0.8250. The contract posted its weakest closing low since the key upside reversal on August 2. He mentioned there is little in the way of a test on the $41.50 area, which corresponds to that small, the mid-April spike low, and 61.8% retracement of this year’s rally.
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