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USDOLLAR Decline Gathers Pace as All Supports Fail

USDOLLAR Decline Gathers Pace as All Supports Fail

2011-10-28 15:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily 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 steep 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 and I’ve presented an alternate view here (rally from May is A-B-C and a new low would be registered).

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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