The US Dollar has bounce with strength off lateral support and the 50 percent fibonacci retracement level. This bounce is now on daily DeMark sell setup bar 7.
What that means is that Monday or Tuesday could see the index move higher above last week’s highs, followed by some relative weakness at on the back half of next week or early the following week. If this plays out, we could see some additional equity weakness next week.
Note that on a macro level, the Dollar still has a lot to prove and is still technically broken.
Previous US Dollar Chart here.
More charts found here.
US Dollar index charts as of September 28, 2012. US Dollar currency charts with Fibonacci retracements and technical support levels. US Dollar index technical analysis and daily DeMark sell setup count.
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No position in any of the securities mentioned at the time of publication.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.
