The Dollar Still Looks Bullish

The US Dollar has been resilient since August 2011 lows. It’s had one deep pullback but for the most part it has looked bullish despite the heavy bearishness mid-year 2011. In fact, it has made a series of higher lows. Until that breaks, it’s hard to be bearish on the dollar, especially with the Euro ($EURUSD $FXE) at levels not seen since August of 2010 and the fact that we have been seeing better-than-expected economic news.

 

The Chart

US Dollar Futures – $DX_F Daily Chart

As you can see, the dollar has been making higher lows, which tells us that the trend is bullish and until this breaks, I would not touch the dollar to the short side. However, the 82 level has shown some resistance in the short-term.

 

Tags: $DX_F, $USDX, $UUP, $EURUSD, $FXE

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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