US Dollar Index Forecast August 22, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The US Dollar Index had a very bearish session overall on Tuesday, as it broke down below the uptrend line that we have been following recently. This suggests that the sloping uptrend channel is now broken. However, we see the 81.50 as a significant support level as well, and this is why we said would not sell this market unless we got below that level also. By the end of the day, it should be noted that there was a bit of a bounce above that level already

We still think that as long as were over the 81.50 level that the risk is to the upside in this market. If we manage to close the market below 81.50, we would be willing to sell at that point. However, with the “safety trade” been in full effect most of the last several months, it wouldn’t surprise us to see this market gain yet again.

US Dollar Index Forecast August 22, 2012, Technical Analysis

US Dollar Index Forecast August 22, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.