Dollar Index Analysis – Outlook For 1st March 2013

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The US Dollar index has seen a move back to the recent range resistance highs today (28th Feb), as the USDX pared initial losses, and has rallied to the 82.00 area – a key Fibonacci level.
The 61.8% Fibonacci retrace of 84.10 – 78.60 marks the recent highs and is a technical point of interest going forward.
US labor market data, released today revealed that initial claims dropped to 344K, coming in ahead of market expectations.
Gold, crude oil and the euro are all trading at a loss on the day, on a broad based dollar strength scenario.
The dollar index is currently trading around a 0.35% daily gain at 81.94.
Any move to the downside over the coming trading sessions would need to contend with prior resistance around 81.45, which held as support earlier today.
An extended USDX downside move would have the 80.60 area previous resistance area as a technical focus, as potential support.

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