The US Dollar Index initially fell during the course of the day on Thursday but found the 85 level supportive enough to turn things back around and form a
The US Dollar Index initially fell during the course of the day on Thursday but found the 85 level supportive enough to turn things back around and form a hammer. This hammer of course suggests that the market is going to continue going higher, as 85 level is such a round, large, psychologically significant number. The trend is most certainly to the upside, and as a result we feel that this market will continue to go higher. With that, we have no interest in selling and will continue to look at short-term pullbacks as buying opportunities.
US Dollar Index Forecast October 10, 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.
