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USDOLLAR at Channel – 10062 Would Be Next Resistance

USDOLLAR at Channel – 10062 Would Be Next Resistance

2011-09-26 14:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at Channel – 10062 Would Be Next Resistance

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has reached resistance from a channel. Near term pattern favors additional strength in order to complete 5 waves from 9675. The February high at 10062 is a level of interest.

Trend Strength (M,W,D) – 0, 2, 1

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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