Is The US Dollar Ready To Take A Breather?
Simit Patel | Oct 26, 2014 12:21AM ET
Below is a weekly chart of the US Dollar Index. We see that since June, the US dollar has sharply accelerated, with the Dollar Index going from 80 to over 86.However, the pair has cooled off a bit over the past three weeks. Is a range forming as the market consolidates its recent gains?
Below is a daily chart of the Dollar Index. If the market is entering a period of consolidation, we can see support and resistance on the Dollar Index's daily chart from 84.38 to 86.66. This might give us levels to buy and sell it using simple range-bound trading techniques.
What do you think?
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