Home » Currency Option Trading » US Dollar Index – Daily Chart 8th May 2009

US Dollar Index – Daily Chart 8th May 2009

US Dollar Index - Daily Chart 8th May 2009

US Dollar Index - Daily Chart 8th May 2009

Today’s release of the non farm payroll figures which are still grim pushed the dollar index lower and reinforced the current bearish tone which has been in place for the last 2 weeks, weighed down by all three moving averages which are now pointing lower.  The 83 level now seems to be the first port of call where we might expect a bounce should this provide some temporary support but should this fail we could see the index move even lower once again, possibly to re-test the 80 level last seen in January 2009.  As an indicator the dollar index is remarkable as it can be taken as a proxy for volume in the currency market which for currency traders helps to overcome one of the biggest problems in this market.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.