USD-INDEX Daily Forecast Dec 18 2014

Stock 659898
Stock 659898

The USD-INDEX maintained a bullish momentum yesterday , bottomed at the 88.06 levels and topped at the 89.35 levels. This development leaves the pair targeting the 89.77 levels , a halt is likely , but a break would open 90.30 next , further upside will aim the 90.89 levels.

On the downside , support comes at the 88.71 levels ahead of the 88.06/87.81 levels (main) , losing this level on a daily closing basis will reverse risk to the downside towards the 86.10 levels before the next rise …

In all , as long asĀ 88.06/87.81 support holds on a daily closing basis , outlook in USD-INDEX remains on the upside towards the 89.77 levels ahead of the 90.30 levels , below 87.81 will bring a corrective pullback above the 86.10 levels before the next rise …

Intraday : As long as 89.35 support holds on a 4 hour closing basis , the pair remains very bullish with risk to the upside , below 89.35 will bring a corrective pullback above the 88.85 levels before the next rise ….Losing the 88.85 levels will open main support levels at the 88.06/87.81 levels…

 

USD-INDEX Daily Forecast Dec 18 2014

[su_quote]The US Dollar Index (USDX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies. Its highest impact is against 6 currencies , Euro (EUR) , Japanese yen (JPY) , Pound sterling (GBP) , Canadian dollar (CAD) , Swedish krona (SEK) and Swiss franc (CHF).. Its highest impact is against the EURO , the lowest is against the CHF . Conclusion : The US dollar index has an inverse relationship with these currencies , for example , when the USDINDEX goes down , the USD is down against the EURO , as a result the EURUSD goes up , when the USDINDEX is down , the USD is down against the JPY, as a result the USDJPY goes down and so on !! USD INDEX can be used as an additional tool for further confirmation If you trade these pairs especially EURUSD.[/su_quote]

 

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