Monday, March 25, 2013

Dollar Index Weekly Outlook

$USDX DAILY CHART - The dollar index has broken the rising trendline from early February after it failed to close above 82.97 ( 161.8% of AB). I am hoping to see short-term reversal for the dollar, targeting retracement levels of the rally (see chart below).

$USDX 4-HOUR CHART - The dollar index currently trade around 82.45/55, just above 23.6% retracement level at 82.17. Next support levels are 38.2% and 50% at 81.55 and 81.05 respectively.