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USDOLLAR Nears Channel Resistance Yet Again

USDOLLAR Nears Channel Resistance Yet Again

2011-10-04 14:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Nears Channel Resistance Yet Again

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) continues to rally and is nearing channel resistance yet again. The steep channel has been accurate in indicating short term tops and support. An extension through the channel would shift focus all the way to the 2011 high at 10251 and late 2010 high at 10334 (reinforced by 261.8% Fibonacci extension at 10321).

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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