Looks Like the Dollar Is Firming

Recently, the U.S. dollar index has been showing signs of stabilization and base-building above the 62% retracement level of the decline between its 2010 high and its 2011 low.

Dollar Index -- Weekly Source: StockCharts.com View Chart » View in New Window »

Over the last several years, Fibonacci levels measured off this range have provided important areas of support and resistance for the index. The basing process has contracted the recent overall trading range, as reflected on the Bollinger bandwidth indicator. This suggests that, should the index break above resistance near the 50% retracement level, some volatility could accompany the move....307 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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