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US Dollar Forex Trading Program: 08/08/2013

US Dollar Forex Trading Program: 08/08/2013

Jamie Saettele, CMT, Sr. Technical Strategist

The USDOLLAR is down for a 5th consecutive day. Since the low in September 2012 (when the USD bull got underway), important bottoms have formed when daily RSI has reached 40 or just below. Daily RSI is there now. The current level is also defined by the line that extends off of the December 2012 and June 2013 lows, prallel channel with the May and July tops, and 100 day average (was support at June low). A specific price to keep in mind as a level for a low is 10644 (6/3 and 6/20 lows). What's more, this is just the second 5 day decline since the bull began...the last one ended in early May.

Levels to look for a USD low

GBPUSD 1.5550-1.5600

USDJPY 95.40-75

EURUSD and USDCHF - I have no idea other than noting that the next turn might be marked by a divergence whereas the EURUSD trades through 1.3415 (June high) while the USDCHF stays above .9130 (June low). Don't forget that the USDCHF opened the year at .9138.

JamiePick08082013_body_usdollar.jpg, US Dollar Forex Trading Program: 08/08/2013

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