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USDOLLAR Channel and Former Resistanc are Now Support at 9820

USDOLLAR Channel and Former Resistanc are Now Support at 9820

2011-09-27 15:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Channel and Former Resistanc are Now Support at 9820

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reversed from channel resistance and is already closing in on support from the same channel. Support is reinforced by former resistance at 9818. If the USDOLLAR has truly turned the corner, then new highs are around the corner. The February high at 10062 is an objective.

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.

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