US Dollar Index September 10, 2012, Technical Analysis
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The US Dollar Index had a horrible Friday as the jobs report all bugs guarantees that the Federal Reserve will be easing its monetary policy in the near term. The 81 Handle Giving Way is in fact a significant deal, and it looks like we are going to see significant Dollar weakness over the next several weeks. The 78 handle below is rather supportive, so we think that will be the first stop for the sellers in this marketplace.
Because of this, we are not buying the US dollar on the whole, and believe that selling this contract is probably the easiest way to go. However, it should be stated that the higher beta currencies such as the commodity currencies will do very well against the US dollar. Some prime examples of course are the Australian dollar and Canadian dollar. We also believe that the New Zealand dollar and Norwegian krone should fare well against the Greenback also.
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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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