We continue to view the recent strength as temporary and corrective whilst below 200-DMA and July high at 103.47/103.57.

Below near-term support at 101.74 is needed to see the immediate risk turn lower again for a fall back to 100.55, then the 99.58/99.50 current cycle lows. Beneath here can see a test of support at the 61.8% retracement of the 2021/2022 bull trend and 200-week average at 98.98/98.30.

A weekly close above 103.57 though would be seen to turn the core trend neutral again, with resistance then seen next at 104.70 ahead of the 38.2% retracement of the 2022/2023 downtrend and YTD high from March, seen at 105.38 and 105.88 respectively.