DXY. Dollar Index Testing important support at 93.04
DXY Dollar Index
DXY is testing critical supprt at 93.04 which must continue to
hold to avoid a further substantial fall to 92.74 at first, and
then, after a mild bounce back to 92.55-92.50 range.
Looking a little further out, the 92.50 level represents major
support for the medium term. Should this level fail to hold at
any point over the coming week it will tip the dollar into bear
territory once more and force it back by 1.5% to 91.01 where
it becomes a buy once more with stops at least 7 pips lower.
DXY is testing critical supprt at 93.04 which must continue to
hold to avoid a further substantial fall to 92.74 at first, and
then, after a mild bounce back to 92.55-92.50 range.
Looking a little further out, the 92.50 level represents major
support for the medium term. Should this level fail to hold at
any point over the coming week it will tip the dollar into bear
territory once more and force it back by 1.5% to 91.01 where
it becomes a buy once more with stops at least 7 pips lower.
Comment:
For the 46 sensible traders who bothered to read the first forecast, above...sensible you ...here's an update: dollar falling apart. obviously it won't fall in a straight line so have addded the points/lines in blue where you could expect a minor counter-rally to kick in...EUR will move back up to highs of summer but is a little overextended in very near term...but it's still buy dips until DXY hits 91.02 - until the chart tells us otherwise
