A wide range in play for Dollar...Fed positioning

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Here we can see the line of the sand to the topside is 98.42 which is the ABC corrective target in the 'B' leg. This is the level to track for a meaningful top, here I am positioned for a 50bp cut this week across all portfolios. We have widely tracked the coverage of Fed and US economy in the chatrooms so we will not cover the macro here today.

On the technical side; if we see the large offers come in at 98.42 as expected then we have room to retrace all the way back to the lows in the range under 96.

To put simply, smart money is looking to take profits ahead of Fed whilst retail continues buying as usual. Those sharp enough will be tracking for loading more cheap offers.