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US Dollar Index – Daily Dollar Chart 7th July 2009

US Dollar Index - Daily Chart USD 7th July 2009

US Dollar Index - Daily Chart USD 7th July 2009

Despite Jean-Claude Trichet’s best endeavours to talk up the US Dollar we are not seeing any desire by the Dollar Index to co-operate with this view as yesterday’s candle (and ROC indicator) simply continues to confirms a bearish picture for the US Dollar.  Yesterday’s candle closed marginally above both the 9 and 14 day moving averages and fractionally below the 40, however, these technical indicators are providing little in the way of substantive analysis, since the sideways action has merely bunched all three together in a twisted strand.  It is difficult to see at present any sign on the daily Dollar Index chart of a major revival to the fortunes of the US Dollar and only a concerted move with a break and hold, firstly above the 83 to 84 price levels, followed by one through the 87 price will confirm any rally.  In the meantime we must wait to see whether the bearish downward pressure eventually tips the Index over the edge with a further deeper move to re-test 78.50.

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