Dollar Index Drops Below 77, Takes Majors With It

[DailyFx]

The dollar index marked a new low in its evolving reversal. Building up momentum in another 100-point (so far) decline, the index has fallen below the even 77 figure which happened to mark the 38.2% Fib retracement of the bullish advance that began back on July 15th and seemingly ran out of steam on the 11th of this month. This remarkable technical occurence wasn't isolated to the index alone though as many of the dollar-denominated pairs reported substantial moves of their own. EURUSD surged through 1.45 this morning to jump back above the former support of a rising trendline going to 2006. The euro's inverse, USDCHF slipped below 1.09 and was testing modest support around 1.0850. USDCAD dropped below yet another technical floor at 1.04 to come upon notable former resistance down at 1.0315.