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USDOLLAR Decline Gathers Pace as All Supports Fail

USDOLLAR Decline Gathers Pace as All Supports Fail

2011-10-27 15:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Decline Gathers Pace as All Supports Fail

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is has plummeted into short term channel support and focus is now on a measured level at 9375 (decline from top would consist of 2 equal legs). The July low at 9323 is the line in the sand as far as the larger USD recovery story is concerned.

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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