Dollar Breakout Fizzles as Silver and Nasdaq Bulls Hold Firm

The recent dollar breakout has failed to materialize as silver and Nasdaq bulls hold on.

On the coffee market, a major technical development occurred yesterday when prices broke below the lower boundary of the orange consolidation at 300.20-357, which had been holding since July 7.

This breakdown suggests that another leg lower could be just around the corner, with sellers targeting the 61.8% Fibonacci level at 281.40 if they close the day below the lower boundary of the red declining channel.

Other assets to watch include the dollar (DX.F), silver (SI.F), and Nasdaq 100 E-Mini (NQ.F), all of which have key price levels to contend with in the near term.