Has the Dollar Bottomed?

08/12/2010 10:01 am EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

Click to Enlarge

The dollar index has rebounded nicely this week, reaching the daily downtrend with the 38.2% retracement resistance a bit higher at 83.50. The key 61.8% support in the 80 area appears to have held as the OBV has moved back above its WMA. There is stronger chart and retracement resistance in the 84.60 to 85.50 area. Typically, I would expect see a pullback to the 80.70 area and then a higher close before a bottom formation is completed.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

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