BUZZ-COMMENT-Dollar longs stand resolute at a pivotal moment

Jan 20 (Reuters) - Speculative dollar long positions have continued to grow, highlighting expectations the greenback could make even bigger gains and eventually probe a long-term Fibo at 111.185.

The speculative long position - derived from net contracts of International Monetary Market speculators in the euro, yen, pound, Swiss franc, Canadian and Australian dollars - has risen to its highest level since April. For the week ending Jan. 14, the value of net positions held by speculators climbed to $31.83 billion long from $30.96 billion a week earlier.

The USD index, which tracks the greenback against a basket of six major currencies, remains on course to probe the major 111.185 Fibo, a 76.4% retrace of the 114.78 to 99.549 (2022 to 2023) drop. Note the 14-day momentum reading has been positive since mid-December.

The dollar was on the defensive at the start of a pivotal week on Monday as Donald Trump returns to the White House, with his inauguration speech later in the day the primary focus for investors hoping to decipher his immediate policies.

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(Martin Miller is a Reuters market analyst. The views expressed are his own)

((martin.miller@thomsonreuters.com))