Forex | Forex Strategies | DXY breaks out of a 6-month downtrend (02/09/2009 09:50:21)

DXY breaks out of a 6-month downtrend

The US Dollar Index managed to bottom out near the key Fib at 77.93 (61.8% of 70.69-89.62). The failure of capital markets to capitilize on the better than expected manufacturing numbers triggered a reversal that helped buoy the Greenback through a 6-month trendline at 78.66. The EUR/USD's failure to overcome the 60 level on daily RSI hinted of weakness that could now potentially break below the supportive 50-day MA (now at 1.4160). Meanwhile, the major US equity indices have finally sustained


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