USDOLLAR 5th Wave to Test 10090
60 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is putting highs from the last several months to the test. In the event of a break higher, focus shifts to the channel resistance and the January (and 2011) high at 10254). In fact, 10254 is also the 100% extension of the rally from the August low. Having held support from the former 4th wave at 10005, near term expectations are for one more high (above 10090) before corrective weakness takes hold.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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