The USD has been taking a beating. I am very bearish on the USD right now which makes me leary of staying short. It is very oversold and may get a rally next week.
From Reuters: The dollar has been pressured by diminishing expectations on U.S. interest rate hikes and by security concerns. But investors were buying back what they saw as the over-sold dollar ahead of the weekend to square their books before next week's flood of data.
"Today the risk would be that after the dollar decline, there could be some potential retracement ahead of the weekend; not necessarily that significant unless key levels on the downside are broken," said Robert Lynch, currency strategist at BNP Paribas in New York.
I will be eyeing a possible ST long on the USD against the EUR and GBP.
you could well be right, regards a dollar rally. 8450/500 was certainly repelled late May/early June, which focuses the 8300-8500 channel as an area of important support if the cable bulls are to mount a further attack on the Feb high.....they certainly drove price thru the daily Fib (8505) late Fri, be interesting to see how that reacts Monday!....wouldn't be surprised to see more 'chop' around these levels for a while yet tho........