US Dollar Index Forecast October 22, 2012, Technical Analysis

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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.

 

US Dollar Index Forecast October 22, 2012, Technical Analysis

US Dollar Index Forecast October 22, 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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