The U.S. Dollar Index dropped again this past week losing 0.38 cents for the week. Normally when the dollar declines the stock markets will inflate and trade higher. That was not the case this past week as the U.S. Dollar declined slightly and the stock markets dropped sharply. The U.S. Dollar chart still remains one of the most important charts to be followed by traders. The dollar will have minor support around the $85.10 area. The next major support after that level will be around the weekly 20 moving average which is $83.00.
Traders and investors that want to trade the U.S. Dollar index to the long side can use the PowerShares DB US Dollar Index Bullish (NYSE:UUP). For the traders and investors that would like to trade the dollar to the downside or short the currency can use the PowerShares DB US Dollar Index Bearish (NYSE:UDN).
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