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USDOLLAR Bounces from Structural Support-9750 Short Term Support

USDOLLAR Bounces from Structural Support-9750 Short Term Support

2011-10-18 15:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Bounces from Structural Support-9750 Short Term Support

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has bounced from just above a level that one would expect to provide support. The level is 9676, which is wave iv of 3 within the advance from 9323. The 61.8% retracement of the rally from the low comes in at 9634 as well. Look higher near term into 9906. 9750 is short term support.

Trend Strength (M,W,D) – 1, 0, (1)

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--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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

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