For the immediate week ahead, any rallies to 1.7270 and 1.7330 may be used as levels to sell Dollars. Should there be dips to these levels, Long positions can be taken for a target of 1.5020 at least. On the other hand, if there is no dip, Long positions can be taken after the Resistance at 1.4800 has been broken. The Dow is at a very interesting and crucial juncture. It is currently very near a very strong rising trend support on the Daily chart.
Some Indicators are bearish while a few are bullish.
We have 10580-10500 as the last line of defence in the Dow. Should that be breached, there can be a fall to as low as 9350 . On the other hand, if 10500 were to hold, then we would need to see the Dow climb above 10900 again before pronouncing it out of danger. The market's reaction to the FOMC meeting of 3rd October is to be watched, for it may well be the catalyst to either sell the Dow or to give it another chance to recover. Nasdaq at 3672.82 - Danger of 3225 Should the Dow fall to 9350 over time, the Nasdaq may also come down to 3225 in a corresponding move.