The US Dollar Index rose slightly during the course of the day on Friday, but still is hanging about the 85 handle. However, we have an uptrend line below
The US Dollar Index rose slightly during the course of the day on Friday, but still is hanging about the 85 handle. However, we have an uptrend line below that seems to somewhat coincide with the 84 handle, so we believe that even if we pullback from here, there should be plenty of buying pressure below. On top of that, the Euro continues to look very soft overall, and that of course but upward pressure on this futures contract. We are very bullish, but we recognize that the market may take its time going higher as we’ve been so overbought recently.
US Dollar Index Forecast October 20, 2014, 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.
