US Dollar Index Forecast for the week of October 8, 2012, Technical Analysis
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The US Dollar Index fell for the week, but got a little bit of a bounce on Friday. We are currently below the 80 handle, and as such we think that this market is ready to continue falling with the right catalyst. However, right now looks like it has gotten a bit of a reprieve during the week and this could set up potential selling opportunities on rallies. Of course, you’d have to be willing to take a straight off of the daily chart, but it may be a viable way to take advantage of the continued weakness of the US dollar.
With all this being said, we are bearish of the US dollar at the moment but recognize the fact that we are in a world that is very unstable. With that in mind we could see a run back towards the US dollar, and this could cause choppy conditions. With everything being equal, we are much more comfortable selling this market under the 80 handle. If we get above 80, we think a run back to the 82 level is very likely.
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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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