US Dollar Index: While the Index may be attempting to recover higher, it continues to hold on to its broader corrective pullback triggered from the 84.10 level. As long as it trades and holds below the 82.04 level, a retarget of the 81.22 level is likely to occur. A violation of this level will call for a run at its May 14’2012 high at 80.35 level. Its daily RSI is bearish and pointing lower suggesting further declines. Alternatively, in order for the Index to resume its broader medium term uptrend, it will have to break and hold above its July’2012 high at 84.10. This will pave the way for a push towards the 84.55 level. Further out, resistance resides at the 85.00 level, its psycho level followed by the 86.25 level. All in all, the Index continues to look vulnerable on corrective pullback.
