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FOREX Technical Analysis: USDOLLAR Support Expected Near 9945

By , Sr. Technical Strategist
27 November 2012 02:36 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Support_Expected_Near_9945_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Support Expected Near 9945

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote Wednesday to “respect potential for a reversal from current levels as the advance from Monday’s low is impulsive. This raises the possibility of truncation”. The USDOLLAR reversed sharply, producing a JS Thrust in the process. Near term focus is on the 38.2% retracement of the rally from 9740, at 9945. The level is reinforced by trendline support and the 10/10 high.

FOREX Trading Strategy: I’m on the lookout for a low and opportunity to turn bullish again near 9945.

LEVELS: 9935 9945 9961 9991 10044 10071

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

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

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Jamie is the author of Sentiment in the Forex Market.

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27 November 2012 02:36 GMT