The US Dollar Index fell at first during the session on Tuesday, but found the 80.50 level supportive yet again. The resulting bounce formed a hammer,
The US Dollar Index fell at first during the session on Tuesday, but found the 80.50 level supportive yet again. The resulting bounce formed a hammer, which of course was preceded by a shooting star. With this means to me is that this market is going to continue to grind away in this general vicinity, but I still believe that there is a slightly upward bias in this market. Next target should be the 81 handle, followed by the 81.50 level. I believe that this market should continue to strengthen over time, but expect choppiness.
US Dollar Index Forecast January 15, 2014, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
