US Dollar Index August 28, 2012, Technical Analysis

The US dollar had a fairly flat session on Monday as the Forex markets in general were pretty quiet. London had a bank holiday, and as such a lot of the liquidity simply wasn’t in the marketplace. However, you can see on this chart that we are near the bottom of a big channel that has been working in this market since the beginning of May. Because of this, we do favor the upside overall, and also have to mention that the Monday session did in fact finished as a hammer. This of course looks supportive, and the fact that we are at the bottom of this range suggests that maybe we are simply looking to continue the consolidation. We are going long on a break of Monday’s highs.

US Dollar Index August 28, 2012, Technical Analysis
US Dollar Index August 28, 2012, Technical Analysis

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