Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: The USDOLLAR has taken out the top of the range that’s been underway since November. Bulls must still contend with the 61.8% retracement of the decline from 10323 at 10100 and the series of highs from October 2011 to March 2012 from 10100 to 10133. In other words, the current level to 10133 is initial resistance.
FOREX Trading Strategy: Strength into the upward sloping channel resistance on NFP would warrant a near term short.
LEVELS: 9990 10030 10070 10144 10173 10236
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter for real time updates @JamieSaettele
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
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.
Learn forex trading with a free practice account and trading charts from FXCM.