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USDOLLAR Faces Tough Test at Current Level

By , Sr. Technical Strategist
08 October 2012 22:20 GMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Faces Tough Test at Current Level

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) faces resistance at 9930/63 (9/10 high, 8/23 low and 38.2% retracement of the decline from 10323). What’s more, the rally from the low is in 2 equal legs, which is typical of a correction. The current level is viewed as a high risk area for bulls and therefore an opportunity to trade from the short side.

LEVELS: 9792 9843 9863 9938 9963 9987

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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08 October 2012 22:20 GMT