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US Dollar Support Strong at 7335/55

US Dollar Support Strong at 7335/55

2011-05-06 21:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Support Strong at 7335/55

Prepared by Jamie Saettele, CMT

The US dollar is the mirror image of the EURUSD and twin of the USDCHF. There is channel resistance next week near 7500 but near term focus should be on identifying the secondary low ahead of 7270. In other words, expect a corrective decline into 7336/57 (61.8%-50% retracement) before strength resumes.

Support/Resistance Index (M,W,D) – 0, 2, 2

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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