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DAX forecast for the week of January 23, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 21, 2017, 07:48 UTC

The German index initially fell during the week, but found enough support underneath the €11,500 level. This hammer that form during the week suggests

Dax weekly chart, January 23, 2016

The German index initially fell during the week, but found enough support underneath the €11,500 level. This hammer that form during the week suggests that the market should continue to go higher. I think that the market will eventually reach towards the €12,000 level, and then the €12,400 handle as it had previously. The falling Euro should continue to benefit the DAX, and thus this market will be highly tied to currency movements. Because of this, I’m watching both markets but I do believe that the buyers will continue to flood towards the DAX.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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