US Dollar Index Forecast October 12, 2012, Technical Analysis

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The US Dollar Index fell during the session on Thursday as the “risk on” trade came back into play. The 80 handle has offered resistance yet again, and it looks like we are trying to figure out which direction we go next.

Currently we see this market is being consolidated, and as such we think this is a short-term traders market at best. Once we break out of the consolidation area, we would be more willing to take on actual futures contracts. A break of the 79 handle would be significant, and have us short this market aggressively. On the other hand, if we managed to break above 80.25 on a daily close we would be long.

 

US Dollar Index Forecast October 12, 2012, Technical Analysis

US Dollar Index Forecast October 12, 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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