US Dollar Index forecast for the week of September 10, 2012, Technical Analysis
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The US Dollar Index fell during the previous week to break down below the 81 support level. This level was a serious one, and opens up the door to the 79 handle. Most of this is predicated upon the fact that it now looks as if the Federal Reserve will act in a simulative manner next week.
The market looks absolutely sick at the moment, and as such buying the US dollar cannot be done. It really wasn’t until the Friday collapse of the Dollar that we begin to change our opinion. The 81 handle had held up so well previously, we were more than willing to try and attempt to buy this market. As it has completely blown down now, we think selling is the only way you can go.
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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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