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Technical analysis for the FXCM dollar index, the index formed a double top on the daily chart, which is a signal for a pullback. The first target for this potential pullback is the 0.386 FIB retracement on the daily chart at 12 150. If the FXCM dollar index breaks below the 12 150, it will open the door for a bearish run toward the 0.618 FIB retracement at 12 080.
The zone between 12 090 – 12 150 may provide support and a resumption of the bullish trend. The next target of the bullish breakout, which occurred in November when the FXMC index broke above the 12 158, is the 0.618 FIB retracement on the monthly chart 12 425.
Daily chart:
Weekly chart:
Monthly chart:
