CRInvestor

US Dollar Index - at a cross roads

Long
ICEUSA:DX1!   None
0
The US dollar index has enjoyed a nice rally through the better part of the Obama administration and that should be expected during any Democrat US Executive branch's term. An extension of the 1st administration's (US dollar bullish/commodity bearish) policies should be expected over the coming few years. It is no surprise then to see the US dollar index has rallied up into a significant harmonic battle zone and (at the moment) it has the proverbial wind at its back. Considering the broader commodity market's rather bearish posture of late, a rather sanguine global economic outlook and pending seasonality issues, a continuation of the resent bullish double bottom price action (where one should be long from roughly 81.80) wouldn't surprise me in the least. A push through last fall's peak (84.245) will confirm a longer term bull ab=cd price pattern which suggests an ultimate target near 90.00 on the index.

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