US Dollar Index Forecast January 25, 2013, Technical Analysis

The US Dollar Index initially rose during the session on Thursday, but stopped at the 80.20 level and fell back down in order to form a relatively neutral candle. With this being said, it appears that the market is tightening up, perhaps getting ready to make some type of move. However, we see quite a bit of significant resistance above and support below, so we’re not very interested in this market presently. Looking at this chart, if we managed to break above the 80.21 level it looks like we could go as high as 81, but this would be a short-term trader’s type of move at best. With that being the case, we will more than likely just look to this market as a barometer for what the Dollar will do against other currencies in the Forex spot market.

 

US Dollar Index Forecast January 25, 2013, Technical Analysis
US Dollar Index Forecast January 25, 2013, Technical Analysis

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