US Dollar Index Forecast September 21, 2012, Technical Analysis
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The US Dollar Index rose during the session on Thursday, and even managed to break above the 79.50 level. However, some of the gains were given back by the end of the day, and it does look like we are still struggling to go much higher. This is mainly because the 80 handle is going to be so resistive, and it isn’t until we close above that level that we become convinced that the market is a buy.
The next level above that that we would be concerned about is the 81.50 level. However, it does look like a nice countertrend trade is being set up right now and that we could be going long. As for selling, if we managed to break down below the low of the Thursday session, we would start selling aggressively.
US Dollar Index Forecast September 21, 2012, Technical Analysis
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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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