US Dollar Index Forecast August 16, 2012, Technical Analysis

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The US dollar got a bit of a boost during the Wednesday session as the “risk off” trade came back into play. The 83 handle did act as resistance however, and it now appears over to simply treading water.

We believe that the up trending line that looks to be part of a larger uptrend channel in this market will continue to offer support to pricing. We think that the channel should hold place, but if it doesn’t the real support will be found out 81.50 or so. It is below there that we would consider selling the US dollar at that point. However, as long as there is a bid for safety, the US dollar will do well.

US Dollar Index Forecast August 16, 2012, Technical Analysis

US Dollar Index Forecast August 16, 2012, Technical Analysis

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About:FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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