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Dollar Index Basket

USD At Critical Level

By Sabi
USDOLLAR

The US Dollar Index, which is evenly weighted against all the other major currencies, has found itself at a critical juncture. It seems to have found support at the bottom end of an acending trend channel which is also where the 50MA finds itself, on a daily timeframe instead of the 50MA the 200MA is where the Index has found support.

A break of the 50MA along with the trend channel will greatly open up the downside potential, initially the 11650 region which is where a long term trendline resides. After that we'll likely be looking at the 200MA to offer support.
Sabi

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