DXY: Some room for a downside correction in the dollar index by Jim Langlands

 

DXY: 88.32
Having topped out at 89.55 last week, just shy of the major target at 89.62, the March 2009 peak, the  DXY has since retreated, to close Friday back at 88.32, having bounced off a low of 88.06.  It looks to me as though we could be in for some more downside action in the next few sessions, with the points to watch being at 88.00/10,  below which could see an deeper run towards 87.80 and 87.45 and possibly to 87.20.A return to the topside looks less likely in the short term, although if wrong, back above 88.70 could see another run back towards 89.00 and eventually to the 89.55 high

While I am doubtful that  we are headed back up here before Christmas, in the longer term I suspect that we are headed towards  89.62 and on to 89.83, the 200 Month MA, which should prove to be formidable resistance, but if taken out, beyond 90.00 would then head on towards the November 2005 high at 92.63. Don’t get too excited any time soon about a move of this magnitude although eventually I think we are going to get there and an awful lot higher, over the next couple of years..

www.tradingview.com – DXY: DailyDXY

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DXY: Weekly

DXY Weekly

 

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