USDOLLAR Range Taking Hold
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is nearing support from former resistance at 9951. Weakness from the top is probably the beginning of a 4th wave correction that will last throughout October. On balance, this means that the USDOLLAR will trade sideways to down. The pattern could take several forms and will probably be quite choppy (as 4th waves usually are). Resistance 10050 and supports 9950 and 9900. Playing the range is probably your best option in this environment.
Trend Strength (M,W,D) – 1, 2, 2
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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