US Dollar Index Forecast August 22, 2012, Technical Analysis
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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.
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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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