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Market Analysis

Home » Featured » US Dollar Index Technical Analysis for November 10, 2015

US Dollar Index Technical Analysis for November 10, 2015

Posted by FXTimes in Featured - November 10th, 2015 7:16 am GMT

Chart setups:
A daily chart has been presented here to have the larger picture and wave count. The US Dollar Index has pushed higher into the buy zone, and is seen to be trading over 99.00 levels for now. Please note that the rally from mid 92.00 levels still looks to be corrective, and the index might be still vulnerable till prices stay below 100.63 levels going forward. Furthermore, the RSI is at 70 levels indicating at least an over bought zone and needs to correct, before resuming its rally. Immediate support is at 97.80 levels, followed by 96.50 and lower, while resistance is seen at 99.50 levels (interim), followed by 100.60 and higher respectively. The index at least calls for a correction, if not a change in trend.
Trading recommendations:
Remain flat for now, watch out for short term bearish setups.
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