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USDOLLAR Continues to Rise – Watch Channel

USDOLLAR Continues to Rise – Watch Channel

2011-10-03 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Continues to Rise – Watch Channel

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) continues to rally and is nearing the February high of 10062. Another objective is the mid January pivot at 10118. Watch the channel for resistance as well over the next several days, which is at about 10140 today and increases roughly 10 points per day.

Trend Strength (M,W,D) – 1, 2, 2

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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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