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US Dollar Channel Resistance at Current Level

US Dollar Channel Resistance at Current Level

2011-05-09 14:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Channel Resistance at Current Level

Prepared by Jamie Saettele, CMT

The US dollar has reached parallel channel resistance, which is reinforced by former support at 7525, 50 day MA at 7533,and 100% extension of the 7270-7422 rally at 7546. Look higher into this area (7525/46) over the next few days.

Support/Resistance Index (M,W,D) – 0, 3, 4

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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