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Dollar Index: Fall Could Follow From 79.50-79.80 Resistance

Sameer Kapoor 21 September 2012

Dollar Index is in a pull-back mode, which we think its only temporary, a blue wave (iv) that will look for a resistance around 79.50-79.80. Keep in mind that only price can confirm the count and dirrection of a trend. As such, an impulsive reaction lower from that resistance and back to the 79.00 level will be important evidence for a wave (v) decline to 77.50.

Forex Analysis by Gregor Horvat at ForexPros. com