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US Dollar Index Classical Technical Report 10.27

US Dollar Index Classical Technical Report 10.27

2011-10-27 06:40:00
Joel Kruger, Technical Strategist
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Daily_Classical_DXY_body_dxy.png, US Dollar Index Classical Technical Report 10.27

US DOLLAR INDEX: The market is expected to remain very well supported on dips after showing some clear signs of a material base in the previous month. Key previous multi-week range resistance now turned support is being tested on the pullback into the 9,500 area, but we expect any additional declines to be very well supported well above 9,500 on a daily close basis in favor a fresh medium-term higher low and next major upside extension back through 10,135. Ultimately, only a close back below 9,500 would give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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

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