Scary Chart: Bottom About to Fall Out of the Dollar?
The Dollar Index, a trade-weighted benchmark of the greenback versus six other currencies, put in significant bottoms in early 2008, late 2009 and late 2010, forming a rock solid trend line that are exactly the kind of support that chart analysts look for in a bullish security.
But after a violent move lower this year, the index is threatening to break that trend line at the 76.20 on the index, alarming technical analysts everywhere.