Monday, July 18, 2011

Dollar Index (DX) Analysis 7/18

(Chart 1 - Dollar Index Daily)

Globally, the USD is in an uptrend (orange channel). However, we are right in the middle right now.

75.75-76.00 is strong resistance.
We got above it last night/this morning, but are now almost back under it (currently 75.80)

If we close here or a bit lower, I think we retest 75 or possibly even 74.50. Long term I am a dollar bull as eventually I think we will test the highs of this orange channel... However with the recent price action, I think we get another 75 test before we break out to new recent highs.

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