US Dollar Index Forecast October 10, 2012, Technical Analysis

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The US Dollar Index had a very strong session on Tuesday as the “risk off” trade came back into play. The 80 level continues to be the focus of attention, and if we can get above this on a daily close, we would be very interested in going long of this market. We think that once the 80.25 level is broken above, that the 81 handle will be the next stop. Above 82, and we could see a serious rally in the US dollar.

As for selling, we would have to break the bottom of the supportive hammer that was printed on Monday, which we have sensibly called the 79 handle. We don’t see the sell side at the moment, but the overall trend certainly would favor this move if it comes.

US Dollar Index Forecast October 10, 2012, Technical Analysis

US Dollar Index Forecast October 10, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

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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