November 21, 2009
Dollar Index Posts Weekly Reversal Bottom
After reaching a 15-month low early in the week, the U.S. Dollar closed higher for the week against a trade-weighted basket of currencies. Technically, this closing price
reversal,
once confirmed, often leads to a 2 to 3-week retracement. The daily chart suggests that a move through 77.50 is necessary to turn the main trend to up.
The low for the week for the Dollar was posted shortly after …
