Today, on Match 17th, the US Dollar is up by 0,17%, 0,02% and 0,43% against the Swiss Franc, the common European currency and the Japanese Yen respectively. Some experts believe that these gains are caused by the fact that the tensions around Ukraine weakened a little bit.
Indeed, market participants do not seem to expect any further escalation of the Ukrainian crisis especially as the Crimea voted for joining the Russian Federation during yesterday’s referendum.
Meanwhile, the US Dollar index, which monitors the performance of the US Dollar against 6 other major currencies (including the common European currency), is already up by 0,05% since the opening of today’s trading session. At this point, it is trading around 79,58 per share.
Market Leader asked Masterforex-V Academy to conduct comprehensive analysis of the USD index for the forthcoming trading week.
If to consider the situation on the H4 chart, we can see a bearish tendency that started on February 21st form 81,53. The blue horizontal line indicates the MF pivot (81,42). If the price breaks and consolidates above the level, we may well see a rally in the market of the US Dollar index. Meanwhile, the index is still trading within the scope of a recovery from the recent decline. If the price overcomes 79,69, the next level is 79,85, then 80.00.
Alternatively, if the downtrend continues, the price may well hit 79,27 (which is the lowest level since March 13th) and then reach 79,06 and fall even further down.
