The US Dollar Index gained slightly during the Monday session, as the markets cooled off because of the various headline risks out there at the moment. Germany is going to be deciding the fate of the ESM, Holland has vital elections that could put that country’s support of the situation in Europe in jeopardy, and the Federal Reserve is having a massively important meeting during this week. Because of this, it makes sense that the Dollar stabilized a bit during the Monday session.
We are also just above the 80 handle, and of course the large round number would attract bargain hunters. We still see the breaking of the 81 handle as a significant event, and as such think that the US dollar will continue to fall over all. However, the next couple days may be erratic at best, and as such tight stops are recommended but selling in general seems to be the way to go.
US Dollar Index Forecast September 11, 2012, Technical Analysis
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