US Dollar Index Forecast August 31, 2012, Technical Analysis
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The US Dollar Index rose during the session on Thursday, but only slightly. This is probably due to the fact that the Federal Reserve Chairman Ben Bernanke is giving a speech later today that could give hints as to whether or not there is more monetary policy coming out of the Federal Reserve. On signs of easing, the US dollar should lose value. On the other hand, if we find the market disappointed, it’s very likely the US dollar will gain.
From a technical aspect, we are towards the bottom of the range with the 81 level being the support. We see the 84 level as the resistance above, and we may just simply be returning back towards the top of her consolidative area. On a break of the highs from the Thursday session, we are more than confident of going long the US dollar. However, we are more than likely willing to wait until the Chairman gives his speech.
US Dollar Index Forecast August 31, 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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