The Dollar Index hit levels last week that have not been seen in some eight months, a heavy retracement followed rapidly with the Euro benefitting from this retracement and also comments from Mr Draghi.
Our analysis for this week on the Dollar Index has led us to the following conclusions:
84.10 is a major level and a double top has been formed here. We are anticipating that should this level be touched again we would expect a rapid retrace of at least fifty points.
81.85 is the baseline support level for both the Head and Shoulders and Double Top formations.
83.50 is the intermediate resistance level on the Daily chart where we see in the near term should that level be reached we would expect to see at least a 25 point retracement.
Our analysis for this week on the Dollar Index has led us to the following conclusions:
84.10 is a major level and a double top has been formed here. We are anticipating that should this level be touched again we would expect a rapid retrace of at least fifty points.
81.85 is the baseline support level for both the Head and Shoulders and Double Top formations.
83.50 is the intermediate resistance level on the Daily chart where we see in the near term should that level be reached we would expect to see at least a 25 point retracement.
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