December U.S. Dollar Index futures closed lower on Friday after running into sellers at a Fibonacci level at 85.97. Additional resistance came from the
December U.S. Dollar Index futures closed lower on Friday after running into sellers at a Fibonacci level at 85.97. Additional resistance came from the previous day’s high at 86.05 and the October 15 top at 86.13.
Daily December U.S. Dollar Index
Today’s session is expected to open with the index on the weak side of a downtrending angle at 85.87. This is followed by 85.97, 86.05 and 86.13. A breakout over 86.13 could trigger a rally into the next angle at 86.37, followed by 86.62.
A failure at 85.87 could create enough downside momentum to take out the 50% level at 85.70. The daily chart opens up under this level with 85.33 the next likely target. The best support is a long-term uptrending angle at 85.08.
Look for a bullish tone on a sustained move over 85.97 and a bearish tone under 85.70.
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.
