A Saturday chart: The US Dollar 5 minute chart

Quite interesting, I thought. Thanks to 'MR' for the headsup.

Esp when the plunge coincided with the timing of G20 reports like this one from Bloomie:

The Group of 20 will today pledge to refrain from competitive devaluations and commit to market- determined exchange rates, a G-20 official said, citing a statement to be released after talks end in South Korea.
The International Monetary Fund will be tasked with producing a broader report on currency policies and studying economies with persistant trade imbalances, the official said.

I love that first line, which can be loosely translated as, "No, of course we're not going to descend into a deval war on our currencies....we're going to let the banks do it for us. Nothing to see here, move along now, nothing to see."

The US dollar index chart: the fight to hold 76

It's the whole waxball right now. Make sure it's front'n'centre on your trading screen, too.

The USD got as low as 75.76 this morning (I think) but has crawled back over 76 again. The above chart is the December futures variety, 15 min bars, cos it's a better way of gauging (the futs run more volume).

Will 76 hold? Will the greenback laugh in the face of its naysayers and refuse to die? Will it snap down to the next clear resistance point of 72? Time will tell.........