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US Dollar Finds Resistance, Signals Near-Term Weakness
Thursday, 16 October 2008 22:20:41 GMT
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- Friday, 16 October 2009 16:40:51 GMT EURGBP Short Term Decline Overdone
- Thursday, 15 October 2009 22:59:12 GMT USDCAD Rally Just a Correction
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- Monday, 12 October 2009 21:00:42 GMT Daily Pivot Points
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- Friday, 09 October 2009 01:07:54 GMT Dollar: Something Has to Give
- Thursday, 08 October 2009 21:06:02 GMT EURJPY Looks Constructive
- Thursday, 08 October 2009 21:01:54 GMT Daily Pivot Points
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- Monday, 05 October 2009 21:08:32 GMT Daily Pivot Points
The US Dollar Index, an average of the greenback's value against six major currencies, has apparently ran into resistance. Price action has been contained in an upward-sloping channel established in June and is now squarely at the upper boundary showing an Inverted Hammer candlestick. While this type of signal typically requires next-day confirmation, it does present a compelling case for a broad correction of USD strength across the major currency pairs in the near term before the broader appreciation regains momentum.
Created Using FX Trek IntelliCharts - Prepared by Ilya Spivak
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