Nick Nasad
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USD Index - Further Dollar Weakness This Week?

Last time I analyzed the US Dollar Index, I was looking for a bearish move following the hold of resistance at 81.55, with key support coming in at 80.85.


The start of the week has seen that support level give way, which could certainly open up the way for further USD weakness. First, we have support from early November near 80.50, but if that level is breached, the next downside target is 79.85. The USD gained in late October on the back of possible earlier than expected taper, but it seems that scenario has been beaten back by Yellen's words. So, will the USD give back its gains in that case? I believe so.