10am update - strong USD swing

The USD has swung from a pre-market decline of -0.2% to +0.9% in the DXY 96.10s. This is putting some notable pressure on most asset classes, Oil -1.2%, whilst Gold -$2 (earlier +7). The market now awaits the Yellen at 1pm.


UUP, daily

USO, daily

Summary

A pretty dynamic early swing in the USD.. with the DXY 96s... as I was noting yesterday.

The UUP chart is offering the 25.50s... where there is multiple resistance... that'd equate to DXY 97s.

*to be clear, I do NOT believe a key floor in the USD has been achieved. There still seems a fairly high chance of another wave lower to the DXY 90/89s. That view would get ditched on any daily close in the DXY 101s.
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notable weakness, SDRL -3%.. although that is a minor retrace of recent gains.
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As for the Yellen later, could she say something stupid to give the market an excuse to snap lower into the weekly close? Sure, but it is a pretty lousy setup for the bears... with a long weekend ahead.