NEW YORK (TheStreet) -- The Deutsche Bank USD Index (UUP) - Get Report, which represents the U.S. dollar versus a basket of currency futures contracts including the Japenes yen and the euro, is the best way for small investors to take advantage of the greenback's strength since it trades just like a stock.

Trading foreign exchange, also known as Forex or FX, has become a global phenomenon from the Middle East to Australia, with a huge presence in India. There are numerous Indian Forex Brokers and you can find many Forex Trading Robots on Facebook (FB) - Get Report.

Investors can trade currency futures in the U.S., but typical individuals prefer to avoid such contracts, opting instead for the Deutsche Bank USD Index. In addition to the euro and the yen, the index includes the British pound, Canadian dollar, Swedish krona and Swiss franc. 

Let's take a look at weekly charts for the euro versus the dollar, the dollar versus the Japanese yen and the British pound versus the dollar, then profile the USD Index.

The weekly chart for the euro versus the dollar:


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The weekly chart for the euro versus the dollar (1.0887 on March 27) shows a series of lower highs and higher lows between 2009 and 2014. This tendency tracked the 200-week simple moving average (green line) since 2009, with the average now at 1.3135.

The euro has been below the 200-week average since the week of Aug. 22, with the currency setting a multiyear intraday low of 1.0456 on March 16. The weekly chart is negative but oversold, with the euro below its key weekly moving average at 1.1074. This week's key technical level is 1.0755.

The weekly chart for the dollar versus Japanese yen:


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The weekly chart for the dollar versus Japanese yen (119.10 on March 27) shows a breakout above its 200-week simple moving average (green line) during the week of Dec. 28, 2012, when the average was 84.93. The powerful run-up favoring the dollar peaked at 122.02 during the week of March 13.

The weekly chart shifts to negative if the dollar versus yen closes this week below its key weekly moving average at 119.51. I show a key technical level at 112.09 in effect until the end of June and another key level at 121.90 that ends this week.

The weekly chart for the British pound versus the dollar:


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The weekly chart for the British pound versus the dollar (1.4875 on March 27) shows that "Cable," a term for this currency, set a multiyear intraday high of 1.7191 on July 15 then cascaded lower, crossing the 200-week simple moving average (green line) at 1.5931 during the week of Nov. 7. The pound set a multiyear intraday low of 1.4632 on March 18.

The weekly chart is negative, with the pound below its key weekly moving average at 1.5062 and with its momentum reading declining, at 25.24 vs 27.46 a week ago.

The daily chart for the Deutsche Bank USD Index:


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The dollar versus the basket of currencies in the Deutsche Bank USD Index ETF ($25.66 on March 27) had a "golden cross" on Aug. 22, where the 50-day simple moving average moved above the 200-day average. This propelled the ETF to a multiyear intraday high of $26.50 on March 13, with the ETF well above its 50-day and 200-day averages at $25.30 and $23.27, respectively.

The weekly chart for the Deutsche Bank USD Index: 


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The Deutsche Bank USD Index ($25.66) has a positive but overbought weekly chart profile. This ETF is above its key weekly moving average at $25.44 with its momentum reading of 88.90 well above the overbought threshold of 80.00.

Investors looking to buy the currency ETF should place a good-til-canceled order to purchase the ETF if it drops to $22.01, which is a key level on technical charts until the end of June.

Investors looking to book profits should place a good-til-canceled order to sell the ETF if it rises to $26, which is a key level on technical charts until the end of March.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.