28 Oct 2013
New week starts with DXY sitting right atop 79.00 horizontal line support
FXstreet.com (Barcelona) - The US Dollar Index (DXY) has managed to stay above the 79 level since October 17, 2012. All the technical seem to point to an upcoming breach of that level occurring soon – but it can be hazardous to count that as “done” pre-maturely.
DXY to be pushed around mainly by German and US data Monday
Monday, DXY-watchers will be observing the index’s reaction to several data points including: German Retail Sales; US Industrial Production and Capacity Utilization; US Pending Home Sales; and, the US Dallas Fed Manufacturing Survey.
Technical outlook for the DXY
Technicians say the DXY still has room to the next potential target at the upper edge of a projected range of “correction support” at 78.96. The real “line in the sand” for any remaining DXY bulls, however, comes in at 78.63. The first two hurdles for DXY bulls are last Monday’s high of 79.82 and the 10/16 high of 80.75.
DXY to be pushed around mainly by German and US data Monday
Monday, DXY-watchers will be observing the index’s reaction to several data points including: German Retail Sales; US Industrial Production and Capacity Utilization; US Pending Home Sales; and, the US Dallas Fed Manufacturing Survey.
Technical outlook for the DXY
Technicians say the DXY still has room to the next potential target at the upper edge of a projected range of “correction support” at 78.96. The real “line in the sand” for any remaining DXY bulls, however, comes in at 78.63. The first two hurdles for DXY bulls are last Monday’s high of 79.82 and the 10/16 high of 80.75.