By Jonathan Granby, 29 August 2011 06:57 GMT 
We maintain our bearish outlook for the Dow Jones FXCM Dollar Index (ticker: USDollar) into the new week, while we had forecast the possibility of a post-Bernanke pop higher, that never really played out and we now look once again to the downside, both in the short and medium term. With last weeks third consecutive negative weekly close, accompanied by the topside failure above 9,500 we now look for a break of support at 9,400 to open a test of range lows by 9,320. Adding to our outlook is the moves in Eur/Usd in recent days as it breaks out of its bearish pattern exposing range highs and suggesting that a move higher is in the offing. This lines up perfectly with our bearish outlook for the index, as Eur/Usd moves higher the DXY will move lower.
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