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2/9/2016 2:19:43 AM

The U.S. dollar index suffers from negative pressures - Technical Analysis - 09-02-2016

The U.S. dollar index kept on its correctional decline in the short term with ongoing negative pressure from the SMA for the last 50 days period, breaking through the support of 96.70, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 92.52 to 100.88), doubling the negative pressures, with the index trying to correct to main upward trend in the medium and long terms.

Therefore we expect more tumbles for the index, targeting the support of 95.71, which represents the ratio 61.8% of the same retracement levels mentioned earlier.



Trend Bearish