The Dollar
index has been rallying for the last three weeks as shown on the weekly chart.
The Dollar has been supported by the probability of seeing an interest rate
hike by December. The strong rally on the Dollar has taken it to over-bought
territory and it is possible to see a bearish bounce from the current level.
The 95.59 zone has acted as resistance in the past and it could act once again
as resistance. But a breakout above the 98.59 level could take the index to the
99.88 level or the high above the 100.62 level. To the downside, the first
support of the index is the 98.00 level, from there the next support is the 55
day exponential moving average, around the 95.85 level. The last supports
levels are the 94.00, the 93.00 and the 91.88 level.
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The USD Index seems unstoppable.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteIt found some resistance at 98.80.
ReplyDeleteVery helpful assessment.
ReplyDeleteExcellent analysis!
ReplyDeleteInteresting analysis.
ReplyDeleteGreat analysis as usual.
ReplyDelete