Watch the Dollar’s Correction

01/18/2010 11:50 am EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

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The dollar index has continued to correct from the pre-Christmas highs at 78.77, basis the March contract. It has already dropped below the 38.2% retracement support with the 50% support level at 76.55. The prior downtrend and the 61.8% support are in the 76 area, so this is a critical area to watch over the next week or so. At this point, it would take a close above 78 to reverse the short-term downtrend.

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