Looking back at 2002 the 200 wma, once breached to the downside, acted as overhead resistance, capping any later rallies (on a weekly close basis). It did, however act as a ‘magnet’, with price clinging on for about 3 months before it finally let go.

In 1985, the dollar pierced the 200 wma to the downside and didn’t look back.

So what will happen this time around ? The 200 wma is currently in the 92.7 area…

Bigger picture ? Ugly…