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The charts above are of the dollar index. One is a daily and the other a weekly chart. With the dollar getting so much attention these first days back after the US Labor Day holiday we thought it would be a good time to present the picture of what this beleaguered currency looks like
The daily chart displays a downward sloping trading channel which has seen the low end reached with today’s lower market.
The weekly also displays the channel line being touched and also we have included the Fibonacci retracement levels where it can be seen that the Dollar Index has breached the important .618 level of support but has yet to close below it.
It may be a good idea to exercise some patience prior to initiating short positions at this price level until further development. It is always a good idea, we believe, to avoid selling support or buying resistance.
jmajer@mfglobal.com
312 261-7380
800 321-5810
Jeff Majer
Diego Pilar
CB&S Division
MF Global Inc.
Futures and options trading contain substantial risk of loss and may not be suitable for all investors.
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