U.S. Dollar Index
The weekly price chart below shows the U.S. Dollar Index printed a bullish candlestick last week, again making its highest weekly closing price in over one year. The price has broken above the level at 12238 which I had identified as key resistance, although the closing price was not high enough to be very confident this resistance has been invalidated. The price is above its levels from 3 and 6 months ago, which shows that a long-term bullish trend in the greenback is present. Generally, these are bullish signs, and are supported by the risk-off market environment being at least somewhat supportive of the greenback.
The best strategy in the Forex market over the coming week will probably be to look for trades long of either the USD or the CHF or JPY.
The best strategy in the Forex market over the coming week will probably be to look for trades long of either the USD or the CHF or JPY.
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