US Dollar Index Forecast September 24, 2012, Technical Analysis

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The US Dollar Index had a negative session on Friday, but bounced quite a bit from the 79 handle in order to form a hammer. This does suggest that perhaps we will rise in trying to take on the 80 handle again, but this should be resistive. Is that the 80 handle that we look for weak candles from which to sell. We also would be eager to start selling below 79 as it would show a severe breakage of support as well. Because of this, we are essentially a “sell only” trader when it comes this market, but with the Federal Reserve doing everything it can to print US dollars, there’s no reason to think that over the long term the US dollar should gain.

 

US Dollar Index Forecast September 24, 2012, Technical Analysis

US Dollar Index Forecast September 24, 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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