US Dollar Index Forecast October 17, 2014, Technical Analysis

The US Dollar Index gapped lower at the open on Thursday, and then turned back around to test the 8550 level for resistance. We did in fact find resistance up there, and fell backwards to form a shooting star. The shooting star of course is very negative, but we see plenty of support all the way down to the 84 level, and as a result we have no interest whatsoever in selling this market. In fact, at this point time we believe that the US dollar will continue to be favored and we will buy it as soon as we see some type of supportive candle.