US Dollar Index Forecast August 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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

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