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USD Graphic Rewind: Dollar Index Carves Out Short-Term Bottom; Set To Move Higher This Week

USD Graphic Rewind: Dollar Index Carves Out Short-Term Bottom; Set To Move Higher This Week

2011-02-07 07:10:00
Jonathan Granby,
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USD_Graphic_Rewind_body_dxy2.png, USD Graphic Rewind: Dollar Index Carves Out Short-Term Bottom; Set To Move Higher This Week

The dollar index added a third consecutive day of gains Friday for the first time since the first week of the New Year after a mixed jobless picture was interpreted as a dollar positive. Amid a sharp drop in the unemployment rate in the US the dollar raced higher against its major trading partners despite the weaker than expected non-farm payrolls numbers. A weaker start from US equities supported the greenback’s position until stocks reversed into higher territory around midday which took a little wind out of the buck’s sails. The index may now be forming some sort of short-term base after falling sharply over the last month.

USD_Graphic_Rewind_body_dxy.png, USD Graphic Rewind: Dollar Index Carves Out Short-Term Bottom; Set To Move Higher This Week

On the longer term weekly chart we can see a rising trend line of higher lows being put in by the dollar index going back to early 2008. The bounce of the index late last week saw the greenback bouncing just ahead of this rising trend line and if the move follows through early this week we could see a move back to the 80.00 region before encountering initially resistance.

Written by Jonathan Granby, DailyFX Research Team

If you wish to contact the author with comments or questions email instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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