US Dollar Index Forecast September 14, 2012, Technical Analysis
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The US Dollar Index fell again during the Thursday session as the Federal Reserve announced further quantitative easing. With the larger than expected move, and the fact that it is somewhat open ended, the Dollar got absolutely whacked later in the session.
The 79 level offered to support, and as such we think that a move below that level will be significant. Obviously, the trend is down and we think that the US dollar will continue to we can now that the Federal Reserve stepped in. Looking forward, we think that shorting this contract on rallies is probably going to be one of the easier trades out there.
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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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