Dollar Outlook Still Negative

05/26/2009 11:39 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The dollar index dropped sharply last week, consistent with the top formation we discussed on March 13th as the bearish signals from the RSI have been confirmed. The 50% has been reached with the 61.8% support now at 78. The weak dollar is having an impact on all of the major markets. Resistance is in the 83-84 area.

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