The USD dollar has come under significant pressure over the last week, as the market refocuses on the weak state of the US economy. However, from a technical point of view, the USD index has clearly broken out of its down-trend, with numerous levels of significant support likely to deter an extended period of additional losses. The 55-day moving average (75.70) comes in just above the 50.0% retracement (75.53) of the rally from the March 17 low to the September 11 recovery high. Support is then provided by the trend-line (74.99) from the 2002 sell-off ahead of the 100-day (74.46) and the 200-day (74.40) moving averages.
USD Index Faces Barrage of Support
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