US Dollar Index Forecast October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The US Dollar Index had an extraordinarily strong day on Friday as the 79 handle offered support yet again. This level seems to be massive in its strength, and because of this we are buyers of the US Dollar Index if we can get above the 80.50 level, as it was the most recent resistance.

With all the fear out there, it would not be a surprise to us to see this happen. However, we also must admit that a break below the 79 handle on a daily close would of course be extremely bearish. Essentially, we have a range that we are trying to break out of with those two very distinct levels pointing the way.

 

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