US Dollar Index Forecast September 7, 2012, Technical Analysis
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The US Dollar Index had a negative day after initially trying to rise during the Thursday session. However, we are currently sitting just above the 81 handle, an area that looks of massively supportive. If this area continues to hold, you would have to favor the US dollar overall. However, we are closing at the very lows and there is in an employment report coming out later today.
With this being said, the simplest trade is to simply short the US dollar if we can close below the 81 handle. However, if we start reversing the move, we could see a serious momentum pick up to the upside if we can get above 81.75 or so.
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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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