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US Dollar Index Classical Technical Report 01.31

US Dollar Index Classical Technical Report 01.31

2012-01-31 07:19:00
Joel Kruger, Technical Strategist
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Daily_Classical_DXY_body_dxy.png, US Dollar Index Classical Technical Report 01.31

US DOLLAR INDEX: The market remains locked in a multi-day consolidation and continues to chop between the 9,700-10,100 area. Overall, we do retain a bullish outlook given the broader recovery structure out from a major base in 2011 and therefore recommend looking to buy on dips into the 9,700 area or on a break back above 10,135. Ultimately, only below 9,700 gives reason for rethink.

--- Written by Joel Kruger, Technical Currency Strategist

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

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