Friday, October 15, 2010

Dollar Index near support

Dollar Index (76.57) is touching monthly trendline support around 76 and last bottom has been 74.17. Holding this support Dollar Index may start appreciating once again where other currencies can see selling pressure

Weekly graph: - This is a kind of symmetrical triangle formation where simple logic indicates it can move towards resistance line again. Fibonacci Retracements indicate that a pullback towards 38% levels would be 80 which is previous support as well. In extreme condition only 74 may be tested before moving higher.

Previous Post on Dollar Index :

No comments: