April 11, 2005 Charts

Here is a little study on the US Dollar Situation. There is a consensus that the Fed raising interest rates will continue to drive the US Dollar higher. The charts are telling me the 85 level is reasonable resistance, and looks to me like it will hold. So far we have a double top in place at the 85 level on the daily chart, which is typical trading action within a trading range. A move back to the middle of the range or even back to the 80 level from here looks reasonable to me based on these two charts.