USDOLLAR Former Resistance at 9800 Holds
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has plunged below a steep trendline support and reached early November highs (now support). The velocity of the decline certainly warrants questioning of the larger trend (from up to sideways). After spiking lower this morning, the USDOLLAR is at resistance from the 20 day average. The recent range high near 9900 and former support at 9946 are levels of interest going forward.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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