The US Dollar Index fell during the session on Tuesday again, as we continue to chew through the consolidation zone between 80 and 79. Looking at this
The US Dollar Index fell during the session on Tuesday again, as we continue to chew through the consolidation zone between 80 and 79. Looking at this chart, it does appear that we are favoring the downside, but we need to break down below the 79 handle in order to be comfortable shorting. Until that happens, we see far too much potential support in order to be comfortable taking a trade. However, once we get a daily close below that level, we are more than willing to start selling. Alternately, if we get a supportive candle down near the 79 handle we think it could be an opportunity to play the bounce.
US Dollar Index Forecast December 19, 2012, Technical Analysis
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.
