With reference to our Feb. 01, 2012 market outlook and analysis of the USDx the objective for the downside would be in the range of 77.95-78.05/10 where the USD may find some level of support. Breaking the more important 78.80 is crucial. As mentioned that as long as the USDx for the weeks ending the 17th & 24th of February 2012; would not close above and beyond the levels of 79.50-80.10 basis point. Then the directional trend lower would have to continue. Please refer to our USDX Down market analysis dated the 1th of February. The effective technical tools applied in the above chart are the FIBONACCI RISING FAN & retracement, channel resistance / support, STOCH/ RSI COMBINATION & MOVING AVERAGES on a daily CANDLESTICK CHART. including a series of analysis and positions taken in the market from January 26 has led to the finality of the trades made.
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