US Dollar Index Forecast August 24, 2012, Technical Analysis
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The US Dollar Index fell during most of the session on Thursday, but bounce later in the day to form a hammer. This hammer is just above the supportive zone from 81.00 to 81.50. This market looks like it’s trying to find support at this point in time, and as such we think that a break above the hammer high from Thursday would be a buy signal. We don’t necessarily think that this market will be an easy one to trade, as it should be choppy. However, we do believe that it will continue to rise over time.
This of course would be negated if we get below the 81 handle. A daily close down there would have a selling the US dollar, but at this point in time with all of the risk out there it is hard to bet against the greenback.
US Dollar Index Forecast August 24, 2012, Technical Analysis
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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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