US Dollar Index forecast for the week of October 22, 2012, Technical Analysis
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The US Dollar Index fell during the previous five sessions, but got one heck of a bounce on Friday in order to form a hammer on the weekly chart. In fact, this will be the third time that the 79 handle has been tested, and held true as support. It is because of this that we eagerly await to see whether or not this market can break the top of the previous week’s shooting star.
If that happens, we believe that this market will take off back towards the 84 handle, as it would simply be a return to the consolidation that we saw before. There are certainly a lot of jitters out there that could have people running to the US dollar, so this is not a very wild type of scenario to us. Alternately, we do see the importance of 79 as a good selling signal as well. If we get below it on a daily close, we would start selling as well.
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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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