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US Dollar Index Classical Technical Report 12.29

US Dollar Index Classical Technical Report 12.29

2011-12-29 06:41:00
Joel Kruger, Technical Strategist
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Daily_Classical_DXY_body_dxy.png, US Dollar Index Classical Technical Report 12.29

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 turned support was successfully defended in the 9,800 area, and from here, we look for a fresh medium-term higher low ahead of the next major upside extension back through 10,135. Ultimately, only a close back below 9,800 would give reason for concern, while intraday setbacks should find fresh bids towards 9,900. Above 10,135 opens fresh upside towards our next key objective at 10,250.

--- Written by Joel Kruger, Technical Currency Strategist

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

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