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US Dollar Index Classical Technical Report 02.29

US Dollar Index Classical Technical Report 02.29

Joel Kruger, Technical Strategist
Daily_Classical_DXY_body_dxy.png, US Dollar Index Classical Technical Report 02.29

US DOLLAR INDEX: The market remains locked in a multi-day consolidation and should continue to chop between the 9,600-10,100 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. The recent break back above 9,700 should now confirm and accelerate gains while ultimately only a sustained break below 9,500 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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