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FOREX Technical Analysis: USDOLLAR Nearing Range Low Ahead of Fed Decision

By , Sr. Technical Strategist
12 December 2012 02:29 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Nearing_Range_Low_Ahead_of_Fed_Decision_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Nearing Range Low Ahead of Fed Decision

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote last Thursday that “we got the low now the question is how significant is the low. It seems obvious that the decline from the November high is a ‘5’ but the truncation scenario would indicate the top is unorthodox on 11/21. Either way, look higher towards 10009/12.” The high on Friday was 10013 and near term focus is on the 61.8% of the swing from 9917, at 9954. Near term structure remains unclear.

FOREX Trading Strategy: Nothing.

LEVELS: 9891 9923 9945 10009 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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12 December 2012 02:29 GMT