Is the U.S. Dollar Index headed for the mid-70s? If so, when?

Market Pulse: June 18

Last week the September 2012 U.S. Dollar Index opened at 82.415 and closed the week at 81.967. 

Last week we saw much speculation on Fed stimulus as numerous reports released reflected poor U.S. economic data. This weekend we saw victory in the Greek elections go to the Pro-Bailout party, a positive for euro bulls. However, like last week’s news on the $126 billion Spain bailout, the Greek election exuberance faded overnight. The U.S. Dollar Index opened last night down 307 and as of this morning is up 203.

On the daily chart below we see that the strong uptrend that started early May has weakened. DI- has now crossed up over DI+. MACD is bearish adding divergence from below the signal line and Stochastics are oversold. And let’s not forget about today’s price action.

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