SINGAPORE: The dollar index is expected to rise into a range of 83.16-83.373 in a week, as it has broken a resistance at 82.662.
The resistance had been formed at the 138.2 percent Fibonacci projection level of an upward wave c. The next resistance will be at 83.16, the 161.8 percent level.
A Fibonacci retracement on the fall from the July 9, 2013 high of 84.753 to the May 8 low of 78.906 reveals the index has climbed above 82.519, the 61.8 percent level and may extend its gain to the 76.4 percent level of 83.373.
A break below 82.662, now a support, could trigger a loss into a range of 82.353-82.519.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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