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On February 14th, OpenAI announced that it has discontinued support for five older ChatGPT models, including GPT-4oGPT-4.1, GPT-4.1 mini, OpenAI o4-mini, and GPT-5 (Instant and Thinking versions), effective February 13th. Access to the GPT-5 model will be retained in the ChatGPT Enterprise workspace until February 19th, 2026. Furthermore, GPT-5 Pro will remain available to all paid users until February 19th, 2026. These models will continue to be available through the OpenAI API in the future.February 14 - China will fully implement zero-tariff measures on 53 African countries with which it has diplomatic relations starting May 1, 2026. At the same time, it will continue to promote the signing of an agreement on economic partnership for common development and further expand access for African products to China by upgrading the "green channel".February 14th - According to CNBC, U.S. Energy Secretary Wright stated that Venezuelan oil revenues will no longer be deposited into an account in Qatar. Wright said, "The account previously established in Qatar was always controlled by the U.S. government. Funds were first deposited into that account and then transferred back to Venezuela. Now, we have an account with the U.S. Treasury Department. This money will no longer flow to Qatar." Wright also stated that Venezuelan oil sales revenue has now exceeded $1 billion. He said the U.S. has reached a short-term agreement with the country to sell another $5 billion worth of Venezuelan crude oil over the next few months. He added that so far, this oil has been shipped to U.S. refineries and Europe.February 14th - Beijing recently released the first batch of urban renewal project list for 2026, which includes 1,321 projects, of which 745 are newly implemented projects and 576 are projects carried over from 2025. The planned investment for the first batch of projects in 2026 is 104.95 billion yuan.February 14th - It was learned from the Shanghai Municipal Commission of Economy and Information Technology and the conference organizers that the 2026 Global Developers Summit (GDPS 2026) will be held from March 27th to 29th at the Shanghai Xuhui West Bund International Convention and Exhibition Center. The core theme of this years conference is "Industry poses the questions, technology provides the answers," with a core vision aimed at breaking down bottlenecks in industry-academia collaboration and improving the efficiency of applying research results to meet industry needs.

The Dollar Index's Top-to-Bottom Reversal Indicates a Potential Momentum Shift

Drake Hampton

Apr 11, 2022 10:52

On Friday, the US Dollar fell versus a basket of foreign currencies after gaining more than 100 points for the first time in over two years. It reached a high of 100.20 during the session, its highest level since May 2020.

 

Despite the fact that it formed a potentially bearish closing price reversal top, it ended the week up 1.3 percent. Throughout the week, the dollar index was mostly supported by a rise in US Treasury yields and a weaker Euro.

 

The June US Dollar Index closed at 99.753 on Friday, down 0.007 or -0.01 percent. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $26.68, an increase of $0.01 or 0.02%.

 

On Friday, the US Treasury 10-year yield surpassed 2.7 percent for the first time in three years, aided by the likelihood of more aggressive Federal Reserve tightening. Additionally, this week's release of the Fed's March meeting minutes revealed that "many" members were prepared to raise rates in future months in 50-basis-point increments.

 

In other news, the Euro was under pressure as the election battle between President Emmanuel Macron and far-right contender Marine Le Pen tightened in France, the Euro Zone's second-largest economy. Macron continues to lead polls.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. However, Friday's closing price reversal top implies that momentum is about to move downward.

 

A move above 99.745 will confirm the price reversal top at the close. This could initiate a 2-3 day adjustment. A break of 100.200 will invalidate the chart pattern and suggest the resumed uptrend. The primary trend will revert to the downside upon a break of 97.730.

 

Minor values range from 97.730 to 100.200. The nearest support level is at its 50% level, or pivot, of 98.965.

 

The critical support level is the long-term Fibonacci retracement level around 98.200.

Scenario of the Bear

Persistent movement below 99.975 indicates the existence of sellers. Taking out 99.745 will confirm the price reversal top at the close. If this generates sufficient downside momentum, expect the selling to extend towards the minor pivot at 98.965.

Scenario of Bullishness

Sustaining a move over 99.975 indicates the presence of buyers. The initial objective on the upside is 100.200.

 

If 100.200 is breached, the closing price reversal top will be invalidated, signaling the resumption of the uptrend. If buying is sufficiently strong, we may see an acceleration to the upside, with the next big objective of 100.560 – 100.930.

 

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