US Dollar Index Forecast October 19, 2012, Technical Analysis
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The US Dollar Index had a fairly week day most of the session, but bounced off of the 79 handle in order to form a hammer. If you have been listening to our forecast, you know that we had been waiting for a move below 79 in order to short the contract. However, we did not get the appropriate close, and it now looks like this market is going to find quite a bit of support in this general vicinity.
Nonetheless, we are a bit leery of going long the US dollar at the moment until we get above the 80.25 resistance zone. It is at that point time that we feel this market will break to the upside with significant strength. In the meantime, we suggest that it is simply a consolidated market between 79 and 80.25. Obviously, if we break well below the 79 handle, we would have to start selling.
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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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