US Dollar Index Forecast January 23, 2013, Technical Analysis

The US Dollar Index initially fell during the session on Tuesday, but got enough support at 79.60 level in order to bounce and form a hammer. Looking at the set up right now, a break above the Friday highs should open the door to the 80.50 level in relatively short order. However, we could also break down but see quite a bit of support at 79 itself. If we can get below that on a daily close, we think this market could begin to really selloff. As far as buying is concerned, if we managed to get above the 81 handle, we think this market could really take off at that point. In the meantime, we are simply trading this from shorter-term perspective as it does looks like a market once to consolidate and grind sideways.

 

US Dollar Index Forecast January 23, 2013, Technical Analysis
US Dollar Index Forecast January 23, 2013, Technical Analysis

One thought on “US Dollar Index Forecast January 23, 2013, Technical Analysis”

  1. Hi! Dear commenter,

    It looks like this comment is not up to date for the USD/JPY. hope that could have a latest revision for the USD/JPY comment , current level is about 88.30 as at 23/01/2013 , 1:51pm (Singapore, Kuala Lumpur time)

    Thank you

Leave a Reply

Your email address will not be published. Required fields are marked *