FXCM US Dollar Index, has broken above its recent congestion pattern thanks to movement of Pound today and as Yen broke above its range early this week.
FXCM US Dollar index is 12062, an area which stands as highest since April this year ahead of Non-farm payroll report from US today.
Yen has broken above its recent congestion and resistance around 124.5. Currently it is trading at 124.9 area.
Pound on the other hand still continuing its congestion against dollar, however massive fall today over BOE rate decision, which showed only one dissenters (rate hike hawks), instead of market expectations of at least two. Pound is down sharply, currently trading at 1.549 against dollar, down -0.70% today.
Dollar is likely to remain well bid heading into September, however going long over today's break in Dollar index may not hold wise, ahead of tomorrow's NFP report.