USD Index: The fundamentals of a positive housing price sector and consumer confidence have supported the US dollar as measured on the daily chart in this figure. Currently, working in Asia @79.78 ( round-off @23.6% FIB) basis point recovery levels from a registered low @78.60 dated Sept 14, 2012.
Likewise, serves as the double bottom support price levels for both the daily & weekly bar formation. In addition, the opening price gap for the following week of Sept 23 have signaled a probable push forward prior to the reports. And successfully supported the technical outlook pushing further to the price high of 79.92 to this writing.
This recovery and price reversal period shall continue with the Fibonacci time zone (gray-vertical-line) trend cycle for another week. Near term objectives and daily extensions are set at the 80.05/75 price range which happens to be within the 38.2% standard retracement levels. Combined technicals applied for Stochastics / RSI trade tools shows a valid recovery from the lows while expecting daily pullback price action influencing the currency majors and indirectly correlated cross rates. This chart analysis carries a minimum number of at leat 8 technicals tools applied. However, most traders and analyst may vary as to the kind of technical application that they are most comfortable with. And this is what matters the most; as these tools are simply lagging indicators that supports historical and market conditions of prices.
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