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US Dollar Index Classical Technical Report 10.12

US Dollar Index Classical Technical Report 10.12

2011-10-12 06:37:00
Joel Kruger, Technical Strategist
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Daily_Classical_DXY_body_dxy.png, US Dollar Index Classical Technical Report 10.12

US DOLLAR INDEX: The market remains very well supported on dips and is showing some clear signs of a material base. Key multi-week range resistance has been broken by 9,750 and this solidifies the prospects for a major bottom and should now open the door for fresh upside towards the 10,500 area over the medium-term. In the interim, any inter-day pullbacks should now be well supported by previous resistance turned support in the 9,700 area.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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