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USDOLLAR Well Defined Channel Holding for Now

USDOLLAR Well Defined Channel Holding for Now

2011-09-29 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Well Defined Channel Holding for Now

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reversed from channel resistance and is bouncing off of the same channel. Support is reinforced by former resistance at 9818. As long as the channel is intact, I view the USDOLLAR in a constructive light. 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 and follow hom on Twitter @JamieSaettele.

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

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