The below is the weekly chart of the USDOLLAR. The RSI(9) is above 50 and indicative of an underlying bullish momentum (blue rectangle). This translated into a very long blue candle for last week. However, we note that the greenback is now trading at overhead resistance around the 12,350 level (red shaded horizontal). A break above this level will be regarded as a bullish development because resistance often morphs into support when this happens. If so, this may very well provide a platform for higher prices ahead. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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