After making a new high as envisaged earlier, the $ turned weak and closed around 55.63. The immediate resistance is at 55.91 and then 56.17. However, if the $ crosses 56.60 conclusively, then we can conclude that this weakening down to 55.63 level was merely a bout of profit taking and unwinding of longs and the currency has resumed its strong bull trend into unchartered territory. However, on the flip side, if the $ goes down below 53.95 with good volumes, then fresh shorts will be added in dollar probably taking it down to 51.90 levels.
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