Thursday, August 16, 2007 2:11:46 AM
US Dollar Index Approaching Resistance
from Bespoke Investment Group
The US Dollar has made a nice move higher in the month of August as shown below. Over the past three and a half years, the currency index has traded in a range from 80 to 92. Since peaking at the end of '05, the US Dollar has been in a nasty downtrend, making a bottom in late July at just over 80. The green line below shows the top of the downtrend. Currency technicians will surely be looking for a break of this downtrend line to signal that the worst might be over for the greenback. For a list of currency ETFs, click here.
from Bespoke Investment Group
The US Dollar has made a nice move higher in the month of August as shown below. Over the past three and a half years, the currency index has traded in a range from 80 to 92. Since peaking at the end of '05, the US Dollar has been in a nasty downtrend, making a bottom in late July at just over 80. The green line below shows the top of the downtrend. Currency technicians will surely be looking for a break of this downtrend line to signal that the worst might be over for the greenback. For a list of currency ETFs, click here.
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