US Dollar Index Forecast October 18, 2012, Technical Analysis
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The US Dollar Index had a negative session on Wednesday as the trigger for sell positions that we have been talking about was approached. We are currently sitting just above the 79 handle, and as such a move below that would certainly be a good sell signal for a market that is in a long-term cyclical bear position.
We believe that the 75 handle will eventually be tested, but as per usual there will be headlines that push people back into the US dollar. Once we clear the 78.50 level, we should be going through all vestiges of support at that point in time. As for buying this market, we see actually no reason to do so at this moment.
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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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