Dollar Hits Next Target

02/24/2010 9:32 am EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart
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The dollar index pushed to a new rally high at 81.20 last Friday as the 38.2% resistance was convincingly overcome. The 50% level is at 82. A Fibonacci projection target was also hit because with the high at point d, the rally from c to d equaled the rally from a to b. The 161.8% projection target and the major 61.8% resistance bracket the 84 level. Weekly technical studies are still positive, but daily studies do look a bit toppy. There is key support now at 79.60.

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