The following chart and data highlight non-commercial commodity futures trading positions as of February 20, 2017.
This data was released with the February 23 COT Report (Commitment of Traders). Note that these charts also appeared on my blog.
The chart below looks at non-commercial futures trading positions for the US Dollar Index futures. For the week, the US Dollar traded higher by +0.9%.
US Dollar Index
February 23 COT Report Spec positioning:Â Currently net short 2k, down 816.
Support at 88-89 on the US Dollar Index (89.81) goes back to at least July 1994. The intraday low of 88.25 on January 25 was slightly breached intraday Friday last week by $0.10 but held by close. This was a successful test of a rising trend line from May 2011.
US Dollar bulls are putting their foot down in defense of this support. As long as this does not give way, they deserve the benefit of the doubt.
Near-term resistance lies at 90.00-90.50 for the Dollar.
Twitter:Â @hedgopia
Author may hold a position in mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
