Technical outlook and chart setups:
The US Dollar Index monthly chart shows the rally that resumed in 2008. It still has room on the upside with levels of 101.00/102.00 acting as immediate potential extensions. It is hence recommended to initiate fresh long positions on the US Dollar Index with risk at 92.00 now. Immediate support is seen at 92.00 (interim) followed by 90.00 and lower, while resistance is seen at 101.00/102.00 levels and higher.
Initiate fresh long positions now, stop is set at 92.00, a target is in the area of 101.00/102.00.
The material has been provided by InstaForex Company – www.instaforex.com